Market Outlook
October 30, 2015
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open on a Flat to Negative note tracking the SGX
BSE Sensex
(0.8)
(202)
26,838
Nifty and most Global markets.
Nifty
(0.7)
(59)
8,112
Yesterday, the US markets retreated after posting gains in the prior session on a mix
Mid Cap
(0.4)
(48)
10,989
of profit taking and less than impressive economic data. The traders were still
Small Cap
(0.4)
(49)
11,404
evaluating Federal Reserve’s (Fed) statement and strengthening language about
timing of the cut. Also, the estimate of 3rd quarter U.S. growth showed that the
Bankex
(1.1)
(217)
19,594
economy expanded at a 1.5%, below the expected 1.6%.
The European markets closed a negative note yesterday on weaker than expected
Global Indices
Chg (%)
(Pts)
(Close)
corporate results. Weak opening in the US market also impacted the investor
Dow Jones
(0.1)
(24)
17,756
sentiment.
Nasdaq
(0.4)
(21)
5,074
The Indian markets fell yesterday and ended in the negative zone as the investors
FTSE
(0.7)
(42)
6,396
weighted on the impact of Fed announcement about the timing of the rate cut.
Nikkei
0.2
33
18,936
Hang Seng
(0.6)
(137)
22,820
News & Result Analysis
Shanghai Com
0.4
12
3,387
Result Review: DRL, Dishman Pharma, Yes Bank, MRF, LG Balakrishnan & Bros
Result Preview: Apollo Tyres
Detailed analysis on Pg2
Advances / Declines
Bse
Nse
Advances
1,189
14
Investor’s Ready Reckoner
Declines
1,471
36
Key Domestic & Global Indicators
Unchanged
190
-
Stock Watch: Latest investment recommendations on 150+ stocks
Refer P7 onwards
Volumes (` Cr)
Top Picks
BSE
2,773
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
21,596
Axis Bank
Financials
Buy
469
674
43.6
HCL Tech
IT
Buy
876
1,132
29.3
Net Inflows (` Cr)
Net
Mtd
Ytd
ICICI Bank
Financials
Buy
271
370
36.3
FII
174
4,492
(29,387)
Power Grid
Power
Buy
488
570
16.7
MFs
(299)
(3,079)
55,824
TCS
IT
Buy
128
170
32.9
More Top Picks on Pg5
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Mphasis
517
14.8
Previous
Consensus
Date
Region
Event Description
Sanofi
4,481
4.6
Reading
Expectations
Nov 1
China
PMI Manufacturing
49.8
50.0
Cox&Kings
270
4.6
Nov 2
US
ISM manufacturing PMI
50.2
49.8
Pmcfin
1
4.3
Nov 2
China
Chinese Caixin Manufacturing PMI
47.2
47.6
Torntpower
190
3.9
Nov 2
UK
ISM manufacturing PMI
51.5
51.4
Top Losers
Price (`)
Chg (%)
Justdial
855
(11.4)
Gppl
162
(9.8)
Fsl
31
(6.9)
Bharatforg
815
(6.1)
Glenmark
944
(4.5)
As on October 29, 2015
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Market Outlook
October 30, 2015
Result Review
DRL (CMP: `4,214 / TP: -/Upside: -)
For 2QFY2016, the company posted sales in line while, the net profit grew higher
than estimates. The company, posted a 11.2% growth in sales to end the period at
`3989cr V/s `4000cr expected and `3588cr in 2QFY2015, mainly driven by
global generics. Global generics (`3276.8cr), posted a growth of 15% yoy, while
PSAI (`591.8cr) posted a dip of 7% yoy. In global generics, the key markets- USA,
Europe, India and Emerging markets, posted a growth of 32%, 65%, 14% and
-22% yoy.
On operating front, the EBIT margins came in at 22.4% V/s 18.7% expected V/s
17.3% in 2QFY2015, driven by the expansion in gross margins (285bps) and
moderate growth in SG&A and R&D expenditure, which rose by 8.8% and 3.6%
yoy respectively. Thus, the net profit came in at `722cr V/s `631cr expected and
`574cr in 2QFY2015, a yoy growth of 25.7%. The stock has seen decent up move,
making valuations, fair, thus we maintain our Neutral stance on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
18,213
22.6
2,777
163.0
22.5
25.9
5.3
17.2
3.9
FY2017E
21,214
22.7
3,282
192.6
22.0
21.9
4.4
14.5
3.3
Dishman Pharma (CMP: `347 / TP: -/Upside: -)
For 2QFY2016, company posted results lower than expected on sales front, while
a higher other income, aided net profit to come marginally higher than expected.
The company posted a 4.8% yoy dip in sales to end the period at `374cr V/s
`392cr in 2QFY2015. The CRAMS ( `269.6cr) posted a growth of 7.1% , while
other segment (`103.9cr), a dip of 29.8% yoy.
On operating front, the GPM, came in at 75.8% V/s 72.3% expected and 69.7% in
2QFY2015. However, in spite of the same, the OPM came in at 22.5% V/s 22.0%
expected and V/s 20.5% in 2QFY2015. The net profit consequently came in at
`36.5cr V/s `35.6cr expected and V/s `33.4cr in 2QFY2015, a yoy growth of
9.4%. The other income during the period came in at `15.1cr V/s `7.8cr in
2QFY2015. We maintain our Neutral stance on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
1,716
20.2
132
16.3
9.7
21.3
2.0
8.9
1.8
FY2017E
1,888
20.2
174
21.6
11.7
16.1
1.8
7.4
1.5
Yes Bank (CMP: `744 / TP: `914 / Upside: 22.8%)
Yes Bank reported a healthy performance during the quarter with PAT growth of
26.5% yoy to `610.4cr, above our expectations. NII for the bank grew at healthy
pace of 29.4% yoy, on account of strong growth in advances and Retail & CASA
deposits. Reported NIM remained fairly stable at 3.3% as compared to 3.3% in
1QFY16. CASA Ratio improved to 25.5% from 22.5% a year ago, crossing 25%
for the first time since the bank’s inception. Savings deposits posted robust growth
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Market Outlook
October 30, 2015
of 61.7% y-o-y thereby reflecting the bank’s move towards retail portfolio.
Advances jumped 29% yoy to `80,015.1cr which is a healthy number given the
sluggish credit growth in the economy. Non Interest Income surged 22.2% largely
led by growth in retail banking fees of 58.6% and forex and capital markets gains
income growth of 75.3%. Operating expenses grew by 29.8% yoy led by growth in
staff as well as other operating expenses. On the asset quality front, Gross NPA
and Net NPA came in at 0.61% and 0.20% respectively in 2QFY2016 as
compared to 0.46% and 0.13% in 1QFY2016. Restructured asset came in slightly
higher at `569cr in 2QFY2016; this represents 0.71% of loans. Also the bank
indicated that there has neither been any sale to ARC during the previous four
quarters nor the bank has refinanced any loan through 5-25 route.
The bank’s asset quality performance has held up well so far. Going forward, we
have factored higher provisions and slippages given the bank’s corporate
exposure to metals and EPC. Even after factoring the higher provisions and
slippages, we expect Yes Bank to deliver a CAGR of 20.2% in earnings for
FY2015-17E. Currently the stock trades at 1.9x FY2017E ABV. We maintain BUY
rating on the stock.
Y/E
Op. Inc
NIM
PAT
EPS ABV ROA ROE
P/E P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2016E
7,228
3.2
2,412
57.7
324.4
1.6
19.1
12.6
2.2
FY2017E
9,043
3.3
2,898
69.4
380.7
1.6
19.6
10.5
1.9
MRF- 4QFY2016 (CMP - `40,749/ TP - `45,850/ Upside - 10.5%)
Note: *The Company has extended the current financial year by six months thus
extending the current financial year up to 31 March 2016.
For 4QFY2016*, MRF reported numbers that beat our estimates on EBITDA and
bottom line front. The top-line for the quarter remained flat at `3,330cr (marginal
decline of 0.2% on yoy basis), which is 2.8% lower than our estimate of `3,425cr.
The Indian Tyre sector continues to face the heat from the cheaper Chinese
imports that have flooded the Indian market in the TBR segment which can be
partially responsible for the flat top-line number. Softer raw material prices which
came down in the latter two months of the past quarter aided in EBITDA margin
expansion of 530bp yoy to 23.4%. We had estimated EBITDA margin of 18.7%
with major deviation caused by raw material cost as a percentage of sales. The
other income grew by 209.3% yoy to `77cr and as a result, the net profit jumped
by 45.4% yoy to `461cr.
We have reworked the numbers and have lowered our sales numbers to reflect the
sluggishness in the market. However, with the replacement cycle for MHCVs
coming up, we expect the sales to improve over the next six months. At current
market price, the stock is trading at 10.9x its FY2017E earnings. We have an
Accumulate rating on the stock with a target price of `45,850 based on target PE
of 12.0X for FY2017E.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E*
20,316
21.4
2,328
5,488.0 41.1
7.4
2.5
3.7
0.8
FY2017E
14,488
21.1
1,620
3,820.8 21.3 10.7
2.1
5.1
1.1
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Market Outlook
October 30, 2015
LG Balakrishnan & Bros (CMP: `461 / TP: -/ Upside: -)
LG Balakrishnan & Bros’ reported a slightly better than expected standalone top-
line and bottom-line growth for 2QFY2016. The top-line grew by ~6% yoy to
~`282cr, which is higher than our estimate of ~`267cr. The Transmission
segment revenue was up ~11% yoy; the segment accounts for ~79% of the
standalone revenue of the company. The Other segment reported a de-growth in
sales. The company reported an operating profit of ~`36cr, which is down 0.2%
yoy. The operating margin contracted by 74bp yoy to 12.8%, primarily on account
of higher employee costs and other expenditure. The reported standalone net
profit de-grew by ~19% yoy to ~`17cr, but is higher than our estimate of ~`16cr.
However, on adjusting for the one-time exceptional gain incurred in 2QFY2015,
the PAT during 2QFY2016 actually grew by 5% yoy. Considering that the company
draws a fair amount of its business from the two-wheeler segment and with the
segment currently underperforming due to a rural slowdown, we retain our
Neutral rating on the stock.
Result Preview
Apollo Tyres (CMP: `182 / TP: -/Upside: -)
Apollo Tyres Ltd (APTY) is slated to announce its 2QFY2016 results today. APTY’s
top line is expected to decline 6% yoy to `3,105 cr. Subdued demand coupled with
increased imports from China is expected to impact domestic sales (we expect 4%
yoy dip). Further given the demand weakness and Euro depreciation, the European
business would also be impacted (we forecast 7% dip). On the EBIDTA front, the
margins are likely to improve by 150 bp yoy to 17.3% primarily on account of soft
raw material prices. EBIDTA is estimated to grow 9% yoy to `537cr. Lower interest
expenses would further boost profitability. We estimate the Net Profit to grow 18%
yoy to `305cr. We currently have Neutral rating on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
12,576
16.8
1,133
22.3
17.2
8.2
1.4
4.8
0.8
FY2017E
12,978
16.1
1,012
19.9
13.4
9.2
1.2
5.3
0.8
Economic and Political News
FIPB to consider 7 FDI proposals today
India's FY16 GDP growth estimate revised to 7.5% from 7.7%: India Ratings
RBI allows custodians or banks to short-sell in the government bond market
Corporate News
Cipla sells stake in Chinese biotech firm
Polaris plans to sell its BPO business
Rajesh Exports bags `125cr order for European market
www.angelbroking.com
Market Outlook
October 30, 2015
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Healthy pace of branch expansion, backed by distribution
Axis Bank
1,11,617
469
674
43.6
network, will be the driving force for the bank’s retail business
and overall earnings.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,23,159
876
1,132
29.3
the bad news.
Due to its robust franchise and capital adequacy position, the
bank is well positioned to grow by at least a few percentage
ICICI Bank
1,57,650
271
370
36.3
points higher than the average industry growth rate from a
structural point of view.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,62,472
1,143
1,306
14.3
be a US$20bn in FY2020.
Government thrust on Renewable sector and strong order book
Inox Wind
8,940
403
505
25.4
would drive future growth.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC HFL
24,648
488
570
16.7
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Direct beneficiary of the huge investments lined up in the power
Power Grid
66,912
128
170
32.9
transmission sector.
Growth to pick up from 2HFY2017, attractive given the risk-
TCS
4,91,848
2,496
3,165
26.8
reward.
Tech Mahindra
52,813
549
646
17.7
Acquisitions, to drive growth, normalised valuations attractive.
An improving liability franchise, capital adequacy well above
Yes Bank
31,150
744
906
21.8
Basel III requirements and lowest NPA ratio in the industry, will
help Yes Bank to deliver a stronger growth.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Bajaj Electricals
2,496
247
341
37.9
Visible turnaround in E&P business to drive the earnings.
Garware Wall Ropes
731
334
390
16.7
Higher exports & easing material prices to drive profitability
Comfortable balance sheet to support strong growth; this
MBL Infrastructures
872
210
360
71.2
coupled with attractive valuation to lead to rerating.
New product introductions and increased sourcing by clients to
Minda Industries
817
515
652
26.5
enable outpace industry growth.
Strong brand & quality teaching with innovative technologies &
MT Educare
555
139
169
21.3
higher government educational spending to boost growth.
Earnings boost on back of stable material prices and favourable
Radico Khaitan
1,364
103
112
9.3
pricing environment. Valuation discount to peers provides
additional comfort.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
600
137
183
33.7
drive growth.
Tree House
1,174
278
449
61.8
Robust expansion plan for pre-schools to drive growth.
Source: Company, Angel Research
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Market Outlook
October 30, 2015
Quarterly Bloomberg Brokers Consensus Estimate
ICICI Bank Ltd - October 30, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
PAT
2,999
2,976
0.8
2,709
10.7
ITC Ltd - October 30, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
9,349
8,930
4.7
8,506
9.9
EBITDA
3,696
3,489
5.9
3,385
9.2
EBITDA margin (%)
39.5
39.1
39.8
Net profit
2,597
2,425
7.1
2,265
14.7
Kotak Mahindra Bank Ltd - October 30, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
PAT
586
445
31.7
190
208.7
Larsen & Toubro Ltd - October 30, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
13,828
12,717
8.7
10,710
29.1
EBITDA
1,388
1,341
3.5
975
42.4
EBITDA margin (%)
10.0
10.5
9.1
Net profit
1,075
1,042
3.1
701
53.4
Titan Co Ltd - October 30, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
2,908
3,565
(18.4)
2,687
8.2
EBITDA
289
328
(12.2)
223
29.5
EBITDA margin (%)
9.9
9.2
8.3
Net profit
187
240
(22.2)
151
23.6
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Market Outlook
October 30, 2015
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
8.0
6.4
7.5
7.5
5.2
8.0
6.0
4.8
7.0
7.0
4.4
4.1
6.7
6.7
6.6
3.6
7.0
6.4
4.0
2.8
3.0
6.3
2.5
2.5
6.0
2.0
5.0
4.7
5.0
-
4.0
(2.0)
3.0
(4.0)
(2.7)
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
6.0
5.4
5.3
5.4
54.0
5.2
5.0
4.9
4.6
5.0
4.3
4.4
52.0
3.7
3.7
4.0
3.3
50.0
3.0
2.0
48.0
1.0
46.0
-
44.0
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
30.0
9.00
20.0
8.00
10.0
7.00
0.0
6.00
(10.0)
5.00
(20.0)
4.00
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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www.angelbroking.com
Market Outlook
October 30, 2015
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
6.0
5.3
4.9
4.7
4.0
2.8
2.3
2.0
1.6
2.0
1.2
1.1
0.8
(2.6)
-
(2.0)
(4.0)
(4.6)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.8
5.2
6.0
4.8
3.7
3.1
4.0
2.7
2.0
1.6
1.2
1.0
2.0
-
(2.0)
(4.0)
(1.0)
(3.8)
(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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Stock Watch
October 30, 2015
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
206
-
4,003
2,075
2,394
14.4
14.4
9.5
11.0
21.7
18.7
4.3
3.7
21.1
21.3
2.0
1.7
United Phosphorus
Accumulate
475
510
20,376
13,698
15,752
17.6
17.6
32.1
38.5
14.8
12.4
2.9
2.4
21.4
21.3
1.6
1.3
Auto & Auto Ancillary
Ashok Leyland
Accumulate
93
102
26,538
18,763
22,357
11.1
11.2
3.6
4.8
25.9
19.4
4.8
4.4
18.7
22.6
1.4
1.1
Bajaj Auto
Neutral
2,575
-
74,516
24,115
27,600
21.3
21.0
136.8
157.2
18.8
16.4
6.1
5.2
32.2
31.5
2.7
2.3
Eicher Motors
Buy
17,445
22,859
47,350
11,681
15,550
15.3
16.9
358.5
564.3
48.7
30.9
14.6
10.9
29.8
34.9
3.9
2.9
Hero Motocorp
Neutral
2,626
-
52,433
28,561
31,559
14.7
14.7
151.1
163.2
17.4
16.1
6.7
5.7
38.7
35.6
1.7
1.5
L G Balakrishnan & Bros Neutral
461
-
723
1,254
1,394
11.6
11.8
35.9
41.7
12.8
11.1
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,228
1,357
76,283
37,986
42,660
12.8
13.2
51.6
61.9
23.8
19.8
3.5
3.1
14.6
15.6
1.7
1.4
Maruti
Accumulate
4,443
4,960
134,210
57,865
68,104
16.4
16.7
176.3
225.5
25.2
19.7
4.9
4.2
19.4
21.2
2.1
1.7
Minda Industries
Buy
515
652
817
2,567
2,965
7.3
8.0
38.8
54.3
13.3
9.5
1.9
1.6
14.4
16.8
0.4
0.4
Rane Brake Lining
Accumulate
340
366
269
454
511
11.1
11.4
23.8
28.1
14.3
12.1
2.0
1.8
14.2
15.3
0.7
0.7
Setco Automotive
Neutral
220
-
589
594
741
12.7
13.7
8.4
15.8
26.2
14.0
2.7
2.4
10.4
16.9
1.4
1.2
Tata Motors
Accumulate
391
424
112,962
264,038
297,882
13.8
13.9
34.5
38.9
11.3
10.1
1.9
1.6
17.6
16.8
0.6
0.6
TVS Motor
Accumulate
264
296
12,540
11,845
14,040
7.2
9.0
10.4
17.4
25.4
15.2
6.3
4.9
25.1
32.0
1.0
0.9
Amara Raja Batteries
Neutral
903
-
15,428
4,892
5,968
17.4
17.3
28.8
36.6
31.4
24.7
7.3
5.9
23.4
23.8
3.1
2.5
Exide Industries
Neutral
156
-
13,243
6,950
7,784
14.4
14.8
6.6
7.3
23.6
21.3
3.0
2.7
12.6
12.8
1.6
1.5
Apollo Tyres
Neutral
182
-
9,285
12,576
12,978
16.8
16.1
22.3
19.9
8.2
9.2
1.4
1.2
17.2
13.4
0.8
0.9
Ceat
Accumulate
1,101
1,166
4,453
6,041
6,597
14.3
14.2
101.5
116.6
10.8
9.4
2.2
1.8
20.0
19.1
0.9
0.8
JK Tyres
Neutral
105
-
2,375
7,446
7,669
15.2
14.0
19.6
18.4
5.3
5.7
1.3
1.1
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
934
-
1,160
552
630
14.2
14.7
44.6
54.1
20.9
17.3
4.9
4.4
23.2
25.6
2.0
1.7
Subros
Neutral
89
-
535
1,268
1,488
11.6
11.9
3.7
6.6
24.1
13.5
1.6
1.5
6.8
11.4
0.7
0.6
Indag Rubber
Neutral
198
-
519
283
329
17.0
17.2
13.0
15.4
15.3
12.8
3.3
2.8
21.8
21.6
1.6
1.3
Capital Goods
ACE
Neutral
43
-
430
660
839
4.7
8.2
1.0
3.9
43.5
11.1
1.4
1.2
3.2
11.3
0.8
0.6
BEML
Neutral
1,177
-
4,901
3,277
4,006
6.0
8.9
29.2
64.3
40.3
18.3
2.3
2.0
5.7
11.7
1.6
1.2
BGR Energy
Neutral
118
-
848
3,615
3,181
9.5
9.4
16.7
12.4
7.0
9.5
0.7
0.7
10.0
7.0
0.6
0.8
BHEL
Neutral
203
-
49,747
33,722
35,272
10.8
11.7
10.5
14.2
19.4
14.3
1.4
1.4
7.0
9.0
1.6
1.5
Blue Star
Neutral
380
-
3,414
3,649
4,209
5.0
5.9
9.2
14.7
41.5
25.8
7.5
7.1
9.1
17.5
1.0
0.9
Crompton Greaves
Accumulate
180
204
11,263
13,484
14,687
4.9
6.2
4.5
7.1
39.9
25.3
2.8
2.6
7.2
10.8
1.0
0.9
Inox Wind
Buy
403
505
8,940
4,980
5,943
17.0
17.5
26.6
31.6
15.1
12.8
4.5
3.3
35.0
30.0
1.9
1.6
www.angelbroking.com
Stock Watch
October 30, 2015
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
KEC International
Neutral
138
-
3,549
8,791
9,716
6.1
6.8
5.4
8.2
25.6
16.8
2.6
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
853
-
10,166
6,413
7,525
7.4
8.5
30.5
39.3
28.0
21.7
4.3
3.7
15.0
17.0
1.6
1.3
Cement
ACC
Buy
1,386
1,630
26,012
13,151
14,757
16.4
18.3
63.9
83.4
21.7
16.6
2.8
2.6
13.3
16.1
1.8
1.5
Ambuja Cements
Accumulate
207
233
32,179
10,569
12,022
20.7
22.2
8.7
10.7
23.8
19.4
3.0
2.9
13.0
15.2
2.6
2.3
India Cements
Buy
81
112
2,490
4,716
5,133
15.9
16.9
3.7
7.5
21.9
10.8
0.8
0.8
3.8
7.3
0.8
0.7
JK Cement
Buy
662
767
4,627
4,056
4,748
14.5
17.0
22.6
41.1
29.3
16.1
2.6
2.3
9.3
15.3
1.6
1.3
J K Lakshmi Cement
Buy
370
430
4,349
2,947
3,616
16.7
19.9
11.5
27.2
32.1
13.6
3.1
2.6
9.8
20.8
1.9
1.5
Mangalam Cements
Neutral
232
-
618
1,053
1,347
10.5
13.3
8.4
26.0
27.6
8.9
1.2
1.1
4.3
12.5
1.0
0.7
Orient Cement
Accumulate
166
183
3,399
1,854
2,524
21.2
22.2
7.7
11.1
21.6
15.0
3.1
2.7
13.3
15.7
2.6
1.8
Ramco Cements
Neutral
347
-
8,265
4,036
4,545
20.8
21.3
15.1
18.8
23.0
18.5
2.8
2.5
12.9
14.3
2.6
2.2
Shree Cement^
Neutral
12,593
-
43,871
7,150
8,742
26.7
28.6
228.0
345.5
55.2
36.5
8.1
6.8
15.7
20.3
5.9
4.7
UltraTech Cement
Accumulate
2,917
3,282
80,058
25,021
30,023
19.1
21.6
89.0
132.0
32.8
22.1
3.8
3.3
12.2
15.9
3.3
2.7
Construction
ITNL
Neutral
94
-
3,100
7,360
8,825
34.0
35.9
1.0
5.0
94.3
18.9
0.4
0.4
0.3
1.4
3.9
3.7
KNR Constructions
Neutral
582
-
1,637
915
1,479
14.3
13.9
20.3
37.2
28.7
15.7
2.6
2.3
9.6
15.6
1.9
1.2
Larsen & Toubro
Buy
1,472
2,013
136,956
68,920
82,446
10.9
11.5
57.0
73.0
25.8
20.2
2.4
2.2
13.6
15.5
2.2
1.8
Gujarat Pipavav Port
Neutral
162
-
7,846
721
784
53.1
53.6
8.2
9.1
19.7
17.8
3.2
2.6
20.0
18.3
10.4
9.2
MBL Infrastructures
Buy
210
360
872
2,313
2,797
12.2
14.6
19.0
20.0
11.1
10.5
1.2
1.1
11.3
10.6
1.1
1.0
Nagarjuna Const.
Neutral
83
-
4,611
7,892
8,842
8.3
9.1
2.4
5.3
34.6
15.7
1.4
1.3
4.2
8.6
0.8
0.7
PNC Infratech
Neutral
512
-
2,629
1,798
2,132
13.2
13.5
22.0
30.0
23.3
17.1
2.1
1.9
11.5
11.4
1.6
1.3
Simplex Infra
Neutral
331
-
1,636
6,241
7,008
10.4
10.7
20.0
36.0
16.5
9.2
1.4
1.2
6.8
11.1
0.8
0.7
Financials
Allahabad Bank
Neutral
75
-
4,489
8,438
9,521
2.8
2.8
21.9
27.0
3.4
2.8
0.4
0.3
10.2
11.5
-
-
Axis Bank
Buy
469
674
111,617
26,941
32,298
3.5
3.6
37.4
46.4
12.6
10.1
2.5
2.2
18.7
20.0
-
-
Bank of Baroda
Neutral
162
-
37,431
19,027
21,737
1.9
2.0
16.9
24.5
9.6
6.6
0.9
0.8
9.1
12.1
-
-
Bank of India
Neutral
134
-
10,584
16,438
18,706
1.9
2.0
19.2
40.9
7.0
3.3
0.4
0.3
4.5
9.1
-
-
Canara Bank
Neutral
281
-
15,255
15,491
17,269
2.0
2.0
61.6
70.9
4.6
4.0
0.5
0.5
10.5
11.1
-
-
Dena Bank
Neutral
42
-
2,723
3,498
3,977
2.1
2.3
7.8
10.7
5.4
4.0
0.4
0.4
6.5
8.4
-
-
Federal Bank
Neutral
55
-
9,457
3,527
4,135
3.0
3.1
5.2
6.7
10.6
8.2
1.1
1.0
10.8
12.7
-
-
HDFC
Neutral
1,264
-
199,458
10,883
12,799
3.5
3.4
43.0
50.6
29.4
25.0
5.8
5.3
25.9
26.7
-
-
HDFC Bank
Accumulate
1,102
1,265
277,543
38,059
46,851
4.4
4.5
50.0
62.7
22.0
17.6
3.9
3.3
18.8
20.2
-
-
www.angelbroking.com
Stock Watch
October 30, 2015
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
Financials
ICICI Bank
Buy
271
370
157,650
35,810
41,871
3.4
3.5
22.0
26.2
12.3
10.4
2.2
1.8
15.0
15.6
-
-
IDBI Bank
Neutral
89
-
14,275
9,860
10,978
1.8
1.9
9.3
15.6
9.6
5.7
0.6
0.6
6.4
10.1
-
-
Indian Bank
Neutral
129
-
6,174
6,267
7,171
2.4
2.5
25.4
32.1
5.1
4.0
0.4
0.4
8.0
9.3
-
-
LIC Housing Finance
Buy
488
570
24,648
2,934
3,511
2.3
2.3
30.9
36.8
15.8
13.3
2.5
2.2
16.8
17.5
-
-
Oriental Bank
Neutral
137
-
4,103
7,730
8,595
2.4
2.5
38.8
47.4
3.5
2.9
0.3
0.3
8.6
9.8
-
-
Punjab Natl.Bank
Neutral
129
-
25,330
23,446
26,624
2.8
2.9
17.8
27.5
7.3
4.7
0.7
0.6
8.5
12.1
-
-
South Ind.Bank
Neutral
21
-
2,775
1,930
2,215
2.4
2.4
2.6
3.6
7.9
5.7
0.8
0.7
9.9
12.5
-
-
St Bk of India
Buy
237
295
184,055
83,847
96,307
2.8
2.8
20.1
25.1
11.8
9.5
1.3
1.1
11.5
13.1
-
-
Union Bank
Neutral
160
-
10,989
12,755
14,439
2.3
2.4
31.5
39.9
5.1
4.0
0.6
0.5
9.9
11.6
-
-
Vijaya Bank
Neutral
37
-
3,149
3,594
3,969
1.8
1.9
5.8
7.1
6.3
5.2
0.5
0.5
8.2
9.3
-
-
Yes Bank
Buy
744
906
31,150
7,204
9,078
3.2
3.2
57.8
69.5
12.9
10.7
2.3
2.0
19.6
22.6
-
-
FMCG
Asian Paints
Neutral
830
-
79,589
16,553
19,160
16.0
16.2
17.7
21.5
47.0
38.6
12.5
11.2
29.4
31.2
4.6
4.0
Britannia
Neutral
3,186
-
38,221
8,065
9,395
9.6
10.2
47.2
65.5
67.5
48.6
22.4
21.2
38.3
41.2
4.6
3.9
Colgate
Neutral
974
-
26,493
4,836
5,490
19.5
19.7
48.5
53.2
20.1
18.3
14.7
12.8
99.8
97.5
5.4
4.7
Dabur India
Neutral
273
-
47,873
9,370
10,265
17.1
17.2
7.3
8.1
37.2
33.6
11.2
9.1
33.7
30.6
5.0
4.6
GlaxoSmith Con*
Neutral
5,997
-
25,221
4,919
5,742
17.2
17.4
168.3
191.2
35.6
31.4
10.1
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,295
-
44,082
10,168
12,886
16.1
16.1
32.1
38.4
40.3
33.7
8.2
7.6
19.7
21.0
4.4
3.5
HUL
Neutral
802
-
173,445
34,940
38,957
17.5
17.7
20.8
24.7
38.5
32.5
42.9
34.3
110.5
114.2
4.8
4.3
ITC
Buy
350
409
280,727
41,068
45,068
37.8
37.4
13.9
15.9
25.1
22.0
8.4
7.4
34.1
33.8
6.5
5.9
Marico
Neutral
393
-
25,333
6,551
7,766
15.7
16.0
10.4
12.5
37.8
31.4
11.0
9.1
33.2
32.4
3.8
3.2
Nestle*
Accumulate
6,282
6,646
60,569
11,291
12,847
22.2
22.3
158.9
184.6
39.5
34.0
20.7
18.6
55.0
57.3
5.2
4.5
Tata Global
Accumulate
136
144
8,573
8,635
9,072
9.8
9.9
6.5
7.6
20.9
17.9
2.1
2.0
6.8
7.4
0.9
0.9
IT
HCL Tech^
Buy
876
1,132
123,159
42,038
47,503
23.2
23.5
55.8
62.9
15.7
13.9
3.6
2.8
23.0
19.8
2.5
2.0
Infosys
Accumulate
1,143
1,306
262,472
60,250
66,999
28.0
28.0
58.3
63.7
19.6
17.9
4.1
3.5
20.9
19.7
3.7
3.1
TCS
Buy
2,496
3,165
491,848
111,274
126,852
28.4
28.7
125.4
143.9
19.9
17.4
7.9
7.3
39.9
42.2
4.0
3.5
Tech Mahindra
Buy
549
646
52,813
25,566
28,890
16.0
17.0
26.3
31.9
20.9
17.2
3.8
3.2
17.9
18.6
1.8
1.6
Wipro
Buy
574
719
141,834
52,414
58,704
23.7
23.8
38.4
42.3
15.0
13.6
2.9
2.6
19.5
18.0
2.3
1.9
Media
D B Corp
Accumulate
326
356
5,995
2,241
2,495
27.8
27.9
21.8
25.6
15.0
12.8
3.9
3.5
26.7
28.5
2.6
2.3
HT Media
Neutral
83
-
1,926
2,495
2,603
11.2
11.2
7.3
8.6
11.3
9.6
0.9
0.8
7.4
8.1
0.3
0.3
www.angelbroking.com
Stock Watch
October 30, 2015
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
Media
Jagran Prakashan
Accumulate
142
156
4,657
1,939
2,122
26.0
26.0
8.3
9.2
17.2
15.5
2.9
2.6
17.5
17.1
2.4
2.1
Sun TV Network
Neutral
376
-
14,822
2,779
3,196
70.2
70.5
22.8
27.3
16.5
13.8
4.1
3.7
26.7
28.3
5.1
4.4
Hindustan Media
Accumulate
270
292
1,982
920
1,031
20.0
20.0
19.2
20.9
14.1
12.9
2.3
2.0
16.4
15.3
1.7
1.5
Ventures
Metals & Mining
Coal India
Buy
322
400
203,482
72,015
78,415
21.2
21.5
21.7
25.3
14.8
12.8
5.0
5.0
33.1
39.1
2.1
1.9
Hind. Zinc
Neutral
156
-
65,704
15,258
16,495
44.2
45.6
17.6
19.2
8.8
8.1
1.4
1.2
15.9
15.3
2.0
1.5
Hindalco
Neutral
83
-
17,181
104,356
111,186
8.7
9.5
6.7
11.1
12.4
7.5
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
921
-
22,271
48,125
53,595
18.8
21.0
46.9
97.5
19.6
9.5
1.0
0.9
4.4
9.5
1.3
1.1
NMDC
Neutral
102
-
40,341
8,237
10,893
46.6
44.5
10.0
11.7
10.2
8.7
1.1
1.0
12.5
13.0
4.7
3.6
SAIL
Neutral
53
-
21,828
45,915
53,954
7.2
10.5
1.5
4.4
35.1
12.1
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
107
-
31,678
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
247
-
24,028
136,805
149,228
11.3
11.9
26.4
36.8
9.4
6.7
0.7
0.7
6.0
8.0
0.7
0.7
Oil & Gas
Cairn India
Neutral
154
-
28,882
11,323
12,490
49.4
51.0
20.7
20.7
7.4
7.5
0.5
0.5
6.4
6.1
1.6
1.0
GAIL
Neutral
313
-
39,735
64,856
70,933
9.1
9.6
24.0
28.9
13.1
10.9
1.1
1.0
8.8
9.6
0.8
0.7
ONGC
Neutral
251
-
214,914
154,564
167,321
36.8
37.4
28.6
32.5
8.8
7.7
1.1
1.0
12.7
13.5
1.6
1.5
Petronet LNG
Accumulate
193
210
14,490
39,007
40,785
3.8
4.2
9.2
11.0
21.1
17.6
2.4
2.1
11.6
12.7
0.4
0.4
Indian Oil Corp
Buy
393
455
95,346
359,607
402,760
5.9
6.1
42.5
48.7
9.3
8.1
1.2
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
942
1,050
304,914
313,085
362,904
13.1
13.8
78.4
92.9
12.0
10.1
1.3
1.1
10.8
11.6
1.4
1.2
Pharmaceuticals
Alembic Pharma
Neutral
680
-
12,813
2,601
3,115
21.2
20.2
20.8
23.9
32.7
28.4
10.5
7.9
37.2
31.8
5.0
4.1
Aurobindo Pharma
Neutral
845
-
49,365
14,923
17,162
23.0
23.0
38.2
43.6
22.1
19.4
6.8
5.1
36.0
30.2
3.7
3.1
Aventis*
Neutral
4,481
-
10,319
2,082
2,371
17.4
20.8
118.2
151.5
37.9
29.6
5.5
4.5
19.9
25.5
4.6
3.9
Cadila Healthcare
Neutral
417
-
42,731
10,224
11,840
21.0
22.0
14.6
17.6
28.6
23.7
7.8
6.1
30.8
29.0
4.2
3.6
Cipla
Neutral
691
-
55,503
14,359
16,884
21.3
19.7
28.4
30.5
24.3
22.7
4.3
3.7
19.3
17.5
3.9
3.2
Dr Reddy's
Neutral
4,214
-
71,856
18,213
21,214
22.6
22.7
163.0
192.5
25.9
21.9
5.3
4.4
22.5
20.0
3.9
3.3
Dishman Pharma
Neutral
347
-
2,803
1,716
1,888
20.2
20.2
16.3
21.6
21.3
16.1
2.0
1.8
9.7
11.7
1.8
1.5
GSK Pharma*
Neutral
3,279
-
27,775
2,870
3,158
20.0
22.1
59.5
68.3
55.1
48.0
16.3
16.7
28.5
34.3
9.2
8.4
Indoco Remedies
Neutral
324
-
2,985
1,088
1,262
18.2
18.2
13.1
15.5
24.7
20.9
4.8
4.0
21.2
21.1
2.8
2.4
Ipca labs
Neutral
784
-
9,888
3,507
4,078
17.6
18.6
25.8
32.0
30.4
24.5
3.9
3.4
13.8
14.9
3.1
2.6
Lupin
Neutral
1,920
-
86,446
14,864
17,244
26.9
26.9
62.1
71.1
30.9
27.0
7.5
5.9
27.4
24.6
5.5
4.7
Sun Pharma
Accumulate
880
950
211,694
28,163
32,610
25.8
30.7
17.4
26.9
50.6
32.7
4.8
4.2
13.0
16.6
7.0
5.8
www.angelbroking.com
Stock Watch
October 30, 2015
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
Power
Tata Power
Neutral
70
-
18,824
35,923
37,402
22.6
22.8
4.1
5.2
17.2
13.5
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Buy
128
157
105,377
87,064
98,846
23.5
23.5
11.7
13.2
10.9
9.7
1.2
1.1
11.4
12.1
2.2
2.0
Power Grid
Buy
128
170
66,912
20,702
23,361
86.7
86.4
12.1
13.2
10.6
9.7
1.6
1.4
15.6
15.1
8.2
7.6
Telecom
Bharti Airtel
Neutral
355
-
141,888
101,748
109,191
32.1
31.7
12.0
12.5
29.6
28.4
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
141
-
50,755
34,282
36,941
32.0
31.5
5.9
6.2
23.9
22.7
2.2
2.0
9.9
9.3
2.1
1.9
zOthers
Abbott India
Neutral
5,515
-
11,718
2,715
3,153
14.5
14.1
134.3
152.2
41.1
36.2
10.3
8.4
27.4
25.6
4.0
3.4
Bajaj Electricals
Buy
247
341
2,496
4,719
5,287
5.2
5.8
8.6
12.7
28.9
19.5
3.3
2.9
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
249
-
3,815
2,728
3,036
10.8
11.0
14.4
16.8
17.3
14.9
2.6
2.3
15.2
15.3
1.1
1.0
Goodyear India*
Buy
568
655
1,309
1,953
1,766
12.4
12.0
67.4
59.6
8.4
9.5
2.1
1.8
27.7
20.2
0.5
0.4
Hitachi
Neutral
1,363
-
3,705
1,806
2,112
9.0
9.2
28.6
29.1
47.7
46.9
11.8
9.6
28.1
22.6
2.1
1.8
Jyothy Laboratories
Neutral
311
-
5,634
1,620
1,847
11.5
11.5
7.3
8.5
42.7
36.7
5.5
5.1
13.3
14.4
3.4
2.9
MRF
Accumulate
40,749
45,850
17,282
20,316
14,488
21.4
21.1
5,488.0
3,820.8
7.4
10.7
2.5
2.1
41.1
21.3
0.8
1.1
Page Industries
Neutral
14,266
-
15,912
1,929
2,450
19.8
20.1
229.9
299.0
62.1
47.7
27.4
19.0
52.1
47.1
8.3
6.5
Relaxo Footwears
Neutral
525
-
6,301
1,767
2,152
12.3
12.5
19.3
25.1
27.3
21.0
6.7
5.1
27.7
27.8
3.6
2.9
Siyaram Silk Mills
Buy
970
1,221
909
1,653
1,873
11.7
12.2
99.3
122.1
9.8
8.0
1.8
1.5
19.5
20.2
0.7
0.6
Styrolution ABS India*
Neutral
786
-
1,383
1,271
1,440
8.6
9.2
32.0
41.1
24.5
19.2
2.5
2.3
10.7
12.4
1.1
0.9
Tree House
Buy
278
449
1,174
259
324
56.8
56.8
17.0
21.7
16.3
12.8
1.6
1.5
10.1
11.5
4.5
3.7
TVS Srichakra
Accumulate
2,957
3,210
2,264
2,127
2,388
15.2
14.9
237.7
267.5
12.4
11.1
5.3
3.8
51.7
39.8
1.1
1.0
HSIL
Accumulate
282
302
2,038
2,182
2,404
16.3
16.5
15.8
18.9
17.8
14.9
1.5
1.4
8.4
9.4
1.3
1.1
Kirloskar Engines India
Neutral
278
-
4,014
2,634
3,252
10.1
12.0
10.9
17.4
25.5
15.9
2.8
2.5
11.4
16.8
1.2
0.9
Ltd
M M Forgings
Buy
539
797
650
563
671
22.1
22.9
51.0
66.5
10.6
8.1
2.2
1.8
23.1
24.1
1.3
1.1
Banco Products (India)
Neutral
131
-
936
1,208
1,353
11.0
12.3
10.8
14.5
12.1
9.0
1.4
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
148
-
91
1,007
1,114
3.1
3.1
23.7
28.2
6.3
5.2
0.9
0.8
13.9
14.6
0.1
0.1
Nilkamal
Neutral
1,027
-
1,533
1,948
2,147
10.6
10.3
60.0
67.0
17.1
15.3
2.7
2.3
16.8
16.1
0.8
0.7
Visaka Industries
Buy
134
166
213
1,158
1,272
8.6
9.5
23.7
32.7
5.7
4.1
0.6
0.5
10.1
12.5
0.4
0.3
Transport Corporation of
Neutral
283
-
2,150
2,830
3,350
8.8
9.0
14.4
18.3
19.7
15.4
3.0
2.6
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
78
-
848
1,452
1,596
14.0
14.7
4.4
6.2
17.6
12.5
1.5
1.3
8.6
11.2
0.9
0.7
Surya Roshni
Buy
137
183
600
2,992
3,223
8.3
8.5
14.7
18.3
9.3
7.5
0.9
0.8
9.8
11.0
0.5
0.5
MT Educare
Buy
139
169
555
286
366
18.3
17.7
7.7
9.4
18.0
14.9
3.8
3.3
20.2
21.1
1.8
1.4
www.angelbroking.com
Stock Watch
October 30, 2015
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
Radico Khaitan
Accumulate
103
112
1,364
1,565
1,687
11.9
12.4
5.4
6.6
18.9
15.6
1.5
1.4
8.0
9.0
1.4
1.3
Garware Wall Ropes
Buy
334
390
731
875
983
10.4
10.6
23.1
27.8
14.5
12.0
2.0
1.8
14.1
14.8
0.8
0.7
Wonderla Holidays
Neutral
328
-
1,850
206
308
44.0
43.6
9.0
12.9
36.4
25.4
5.0
4.5
13.7
17.8
8.9
5.9
Linc Pen & Plastics
Accumulate
165
185
243
340
371
8.3
8.9
10.8
13.2
15.2
12.5
2.4
2.1
16.0
17.1
0.8
0.7
The Byke Hospitality
Buy
155
181
622
222
287
20.5
20.5
5.6
7.6
27.5
20.5
5.2
4.3
18.9
20.8
2.8
2.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 29, 2015
www.angelbroking.com
Market Outlook
October 30, 2015
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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