Market Outlook
July 29, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking SGX Nifty.
BSE Sensex
0.7
184
28,209
The S&P 500 and Nasdaq registered modest gains on Thursday as advances in
Nifty
0.6
51
8,666
Apple and Facebook shares, due to better than expected quarterly results, helped to
Mid Cap
0.6
77
12,573
offset losses in telecom and energy stocks. The US indices traded in a relatively
Small Cap
0.6
73
12,282
narrow trading range. The lack of movement came about due to the Federal
Bankex
0.3
54
21,817
Reserve statement on hinting at a possible rate hike by September as the near-term
risks to the economic outlook had diminished.
Global Indices
Chg (%)
(Pts)
(Close)
U.K. blue-chip stocks dropped on Thursday due to corporate earnings updates, with
Dow Jones
(0.1)
(16)
18,456
shares of Royal Dutch Shell PLC and Lloyds Banking Group PLC falling after their
reports. The prospect of a U.S. interest-rate increase resulted in the London
Nasdaq
0.3
15
5,155
benchmark moving away from the 2016 high.
FTSE
(0.4)
(29)
6,721
Nikkei
(1.1)
(188)
16,477
Equity benchmarks rallied sharply in later in the trading session. Benchmark indices
shrugged off weak foreign markets to end higher after rekindled hopes of the GST
Hang Seng
(0.2)
(45)
22,174
Bill getting passed in the ongoing monsoon session of Parliament. Logistics stocks
Shanghai Com
0.1
2
2,994
were some of the biggest gainers of the session.
Advances / Declines
BSE
NSE
News Analysis & Result Review
Results Review: Glaxo Pharmaceuticals, PNB
Advances
1,496
893
Detailed analysis on Pg2
Declines
1,179
704
Unchanged
219
71
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
4,043
Refer Pg6 onwards
NSE
29,916
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
895
1,076
20.2
FII
475
9,120
28,663
HCL Tech
IT
Buy
751
1,000
33.1
MFs
(348)
(411)
8,933
LIC Housing
Financials
Accumulate
514
582
13.3
Bharat Electronics
Capital Goods
Buy
1,221
1,414
15.8
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
217
265
22.3
Bajajelec
264
9.6
More Top Picks on Pg4
Ibrealest
94
6.3
Key Upcoming Events
Indiacem
123
6.3
Previous
Consensus
Date
Region
Event Description
Gati
182
6.2
Reading
Expectations
Asianpaint
1,127
6.1
July 29 Germany
Unemployment change (000's)
(7.00)
(4.00)
July 29 Eurozone
Euro-Zone GDP s.a. (QoQ)
0.60
0.30
Aug 1
China
PMI Manufacturing
50.00
50.10
Top Losers
Price (`)
Chg (%)
Aug 1 Germany
PMI Manufacturing
53.70
Sintex
78
(3.8)
Aug 1
UK
PMI Manufacturing
49.10
Jindalstel
85
(3.5)
6.(
More Events on Pg5
Renuka
18
(3.3)
Gppl
175
(3.1)
Jswsteel
1,685
(3.1)
As on July 28, 2016
Market Outlook
July 29, 2016
Result Review
Glaxo Pharmaceuticals (CMP: `3,348 / TP: /Upside:)
For 1QFY2017, posted sales of `685cr V/s `700cr expected V/s `622cr in
1QFY2016, a yoy growth of 10.2%. The sales growth has been impacted on back
of the pricing cuts implemented by the government. On the operating profit
margin, the OPM came in at 10.2% V/s 16.7% in 1QFY2016, V/s 17.0%
expected.
The company’s OPM were impacted by the other expenses, which grew by 40.5%
yoy. This lead the company to post a Adj. net profit of `71cr V/s `91cr in
1QFY2016, a yoy de-growth of 24.6%. We maintain our neutral rating.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
3,528
18.9
509
60.1
29.9
55.7
16.6
40.9
7.7
FY2018E
3,881
19.1
553
65.3
31.8
51.3
16.0
36.9
7.0
Higher recovery & up gradation helped in containing asset
quality
Punjab National Bank reported a mixed set of results for the quarter. While it was
back to profit after reporting huge loss in Q4FY16, the large part of the PAT was
from other income, driven by trading gains. While GNPAs further increased to
13.75% from 12.9% in Q4FY16, the level of absolute rise in GNPA was limited to
only `836cr compared to `21,480cr in Q4FY16. Slippages remained elevated at
`7,533 cr and seems will remain higher side for few more quarters.
Recovery at
`6,000cr was much higher than expected while up gradation
remained encouraging at `1,181cr, this helped in containing sharp rise in Gross
NPAs. While there is some respite in terms of asset quality Net NPAs of 9.16%
indicates more provisions to be done in the quarters to come and hence bottom-
line growth will remain under pressure. After seeing sharp rise in the stock in the
last few months the upside seems capped and hence we have a NEUTRAL rating
on the stock.
Economic and Political News
Fourteen states sign MOU to be part of UDAY scheme to help state DISCOMs
Central Govt. considering restrictions on sugar trading to control rising prices
UIDAI announces plans to make mobile phones Aadhaar enabled
Corporate News
Sunil Munjal retires as the joint managing director of Hero MotoCorp
FTIL faces `3,190cr copyright case over trading software
LIC partners with Axis Bank partners to sell life insurance
Market Outlook
July 29, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Vedanta Ltd - July 29, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
16022.1
16951.8
(5.5)
15829.1
1.2
EBITDA
3588.8
5139.9
(30.2)
(7464.6)
148.1
EBITDA margin (%)
22.4
30.3
Net profit
787.9
865.9
59.9
(11181.3)
6.0
ICICI Bank Ltd - July 29, 2016
Particulars ( `cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net profit
2,109
2,976
(29.1)
3,056
(31.0)
Larsen & Toubro Ltd - July 29, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
11,567
10,710
8.0
20,841
(44.5)
EBITDA
1,075
975
10.3
3,193
(66.3)
EBITDA margin (%)
9.3
9.1
15.3
Net profit
763
701
8.8
2,539
(70.0)
UPL Ltd - July 29, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
3,432
3,012
13.9
4,292
(20.0)
EBITDA
686
562
22.1
981
(30.1)
EBITDA margin (%)
20.0
18.7
22.9
Net profit
320
275
16.4
560
(42.9)
Nestle India Ltd - July 29, 2016
Particulars (` cr)
2QCY16E
2QCY15
y-o-y (%)
1QCY16
q-o-q (%)
Net sales
2,364
1,934
22.2
2,296
3.0
EBITDA
485
383
26.4
525
(7.7)
EBITDA margin (%)
20.5
19.8
22.9
Net profit
286
231
23.9
259
10.5
Tech Mahindra Ltd - Aug 1, 2016
Particulars (` cr)
2QCY16E
2QCY15
y-o-y (%)
1QCY16
q-o-q (%)
Net sales
6,895
6,294
9.5
6,884
0.2
EBITDA
1,092
935
16.8
1,161
(5.9)
EBITDA margin (%)
15.8
14.9
16.9
Net profit
726
676
7.3
897
(19.1)
Market Outlook
July 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
15,289
895
1,076
20.2
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government, coupled with BELs
Bharat Electronics
29,306
1,221
1,414
15.8
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,05,969
751
1,000
33.1
Stock is trading at attractive valuations & factors all bad news.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,47,886
1,079
1,374
27.3
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
25,935
514
582
13.3
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Strong market positioning within the domestic AC markets to
Voltas
11,473
347
407
17.4
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
With a focus on the low and medium income (LMI) consumer
Dewan Housing
6,529
224
270
20.7
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
6,738
201
235
17.0
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Expectations of above average monsoon augurs well for
Goodyear India
1,226
532
631
18.7
Goodyear India as it derives ~50% of its turnover from farm
tyre segment.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,556
78
93
19.7
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
5,917
181
205
13.3
circulation revenue growth. Further, the acquisition of a radio business
(Radio City) would also boost the company`s revenue growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,878
458
554
21.1
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
3,090
217
265
22.3
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,219
92
125
36.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
967
1,032
1,347
30.5
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
July 29, 2016
Key Upcoming Events
Result Calendar
Date
Company
United Phosphorus, KEC International, PVR, Sesa Goa, Alembic Pharma, Indoco Remedies, Narayana
July 29, 2016
Hrudaya
July 30, 2016
Relaxo, Nilkamal
August 01, 2016
Tech Mahindra, Banco, Interglobe Aviation, VRL Logistics
August 02, 2016
Indian Bank, UFO Moviez
August 03, 2016
Ramco Cements, HCL Tech, Cadila Healthcare, Dishman Pharma, The Byke Hospitality
August 04, 2016
Cummins India, Kirloskar Engines India Ltd, Tata Power Co.
August 05, 2016
Bharat Forge, LMW, GlaxoSmith Con, Quick Heal
August 06, 2016
Amara Raja Batteries, Mangalam Cement, Union Bank
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country Event Description
Unit
Period
Last Reported Estimated
Jul 29, 2016
1:25 PM Germany Unemployment change (000's)
Thousands
Jul
(7.00)
(4.00)
2:30 PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change 2Q A
0.60
0.30
Aug 01, 2016
6:30 AM
China
PMI Manufacturing
Value
Jul
50.00
50.10
1:25 PM Germany
PMI Manufacturing
Value Jul F
53.70
2:00 PM
UK
PMI Manufacturing
Value Jul F
49.10
Aug 03, 2016
1:25 PM Germany
PMI Services
Value Jul F
54.60
Aug 04, 2016
4:30 PM
UK
BOE Announces rates
% Ratio Aug 4
0.50
Aug 05, 2016
6:00 PM
US
Change in Nonfarm payrolls
Thousands
Jul
287.00
175.00
6:00 PM
US
Unnemployment rate
% Jul
4.90
4.90
Aug 08, 2016
China
Exports YoY%
% Change Jul
(4.80)
Source: Bloomberg, Angel Research
Market Outlook
July 29, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
9.9
7.8
7.7
7.9
10.0
8.0
7.5
7.6
7.2
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.3
3.7
5.8
4.0
6.0
1.9
1.2
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(1.3)
(1.6)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
5.7
5.8
5.8
5.4
5.6
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
-
44.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
5.0
7.50
0.0
7.00
(5.0)
6.50
6.00
(10.0)
5.50
(15.0)
5.00
(20.0)
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
July 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
4.9
4.2
4.0
3.2
2.2
2.1
2.0
1.3
1.3
0.1
-
(2.0)
(4.0)
(1.2)
(6.0)
(5.4)
(0.2)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
July 29, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
56,667
13.3
4.3
13.8
Russia
Micex
1,954
5.2
(0.1)
21.8
India
Nifty
8,666
7.1
10.4
0.4
China
Shanghai Composite
2,994
2.1
1.4
(25.5)
South Africa
Top 40
46,390
2.8
(0.7)
2.4
Mexico
Mexbol
46,834
4.7
2.3
5.5
Indonesia
LQ45
914
9.8
7.9
9.4
Malaysia
KLCI
1,659
1.5
(3.3)
(4.5)
Thailand
SET 50
967
5.9
7.1
(0.7)
USA
Dow Jones
18,456
7.7
2.3
4.0
UK
FTSE
6,721
9.5
6.3
0.4
Japan
Nikkei
16,477
7.6
(6.2)
(20.2)
Germany
DAX
10,275
8.8
(0.4)
(10.2)
France
CAC
4,421
8.1
(0.2)
(14.9)
Source: Bloomberg, Angel Research
Stock Watch
July 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
220
-
4,282
1,612
1,911
13.3
13.3
7.4
9.5
29.8
23.2
4.8
4.3
16.7
18.4
2.7
2.3
United Phosphorus
Buy
610
684
26,132
13,083
15,176
18.5
18.5
31.5
37.4
19.4
16.3
3.9
3.2
21.4
21.4
2.1
1.7
Auto & Auto Ancillary
Ashok Leyland
Buy
94
111
26,808
17,995
21,544
11.4
11.6
3.4
4.7
27.7
20.0
4.9
4.5
17.7
22.2
1.5
1.2
Bajaj Auto
Neutral
2,661
-
76,989
22,709
25,860
20.9
20.1
129.0
143.6
20.6
18.5
6.3
5.4
30.7
29.4
3.0
2.6
Bharat Forge
Buy
748
875
17,403
7,351
8,318
19.9
19.7
31.2
36.5
24.0
20.5
4.3
3.6
19.3
19.2
2.5
2.2
Eicher Motors
Neutral
21,100
-
57,310
15,556
16,747
15.5
17.3
464.8
597.5
45.4
35.3
16.6
12.2
36.2
34.3
3.4
3.1
Gabriel India
Neutral
102
-
1,465
1,415
1,544
8.7
9.0
4.6
5.4
22.2
18.9
4.0
3.6
18.1
18.9
1.0
0.9
Hero Motocorp
Neutral
3,192
-
63,746
28,244
30,532
15.5
15.9
156.7
168.5
20.4
19.0
8.1
6.9
39.9
36.4
2.2
2.0
Jamna Auto Industries Neutral
183
-
1,460
1,281
1,473
11.2
11.5
7.6
9.2
24.1
19.9
6.1
5.0
25.4
25.2
1.2
1.0
L G Balakrishnan & Bros Neutral
460
-
722
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
0.7
Mahindra and Mahindra Neutral
1,452
-
90,201
38,416
42,904
13.7
13.9
54.8
63.4
26.5
22.9
4.1
3.6
15.4
15.8
2.0
1.7
Maruti
Neutral
4,763
-
143,872
57,865
68,104
16.4
16.7
176.3
225.5
27.0
21.1
5.2
4.5
19.4
21.2
2.2
1.8
Minda Industries
Neutral
1,170
-
1,856
2,523
2,890
8.7
9.0
55.0
65.4
21.3
17.9
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Neutral
328
-
43,366
39,343
45,100
8.8
9.1
10.1
12.5
32.5
26.2
10.3
8.1
35.3
34.4
1.2
1.0
Rane Brake Lining
Neutral
593
-
469
454
511
11.5
12.0
25.2
31.0
23.5
19.1
3.5
3.2
14.9
16.6
1.2
1.1
Setco Automotive
Neutral
49
-
654
594
741
12.7
13.7
1.7
3.2
28.8
15.3
3.0
2.6
10.4
16.9
1.6
1.3
Tata Motors
Neutral
506
-
146,049
259,686
273,957
13.0
13.4
25.9
29.5
19.5
17.2
2.6
2.2
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
290
330
13,787
11,263
13,122
6.9
8.5
9.2
15.0
31.5
19.4
7.2
5.7
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
895
1,076
15,289
4,690
5,429
17.5
17.5
28.5
35.3
31.5
25.3
7.3
6.0
23.1
25.9
3.3
2.8
Exide Industries
Neutral
177
-
15,020
6,950
7,784
14.4
14.8
6.6
7.3
26.8
24.2
3.4
3.1
12.6
12.8
1.9
1.7
Apollo Tyres
Accumulate
164
183
8,356
12,056
12,714
17.2
16.4
23.0
20.3
7.1
8.1
1.3
1.1
17.7
13.6
0.7
0.8
Ceat
Buy
884
1,119
3,575
6,041
6,597
14.1
13.7
99.5
111.9
8.9
7.9
1.7
1.5
19.6
18.5
0.8
0.6
JK Tyres
Neutral
92
-
2,076
7,446
7,669
15.2
14.0
19.6
18.4
4.7
5.0
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,161
-
1,442
552
630
14.2
14.7
44.6
54.1
26.0
21.5
6.1
5.5
23.2
25.6
2.5
2.1
Subros
Neutral
96
-
576
1,293
1,527
11.8
11.9
4.2
6.7
22.9
14.3
1.7
1.6
7.7
11.5
0.8
0.6
Indag Rubber
Neutral
183
-
479
283
329
17.0
17.2
13.0
15.4
14.1
11.8
3.1
2.6
21.8
21.6
1.4
1.2
Capital Goods
ACE
Neutral
49
-
483
660
839
4.7
8.2
1.0
3.9
48.9
12.5
1.5
1.4
3.2
11.3
0.9
0.7
BEML
Buy
1,004
1,157
4,180
3,277
4,006
6.0
8.9
36.2
64.3
27.7
15.6
1.9
1.7
5.7
11.7
1.3
1.0
Bharat Electronics
Accumulate
1,221
1,414
29,306
7,295
8,137
20.0
16.8
56.5
58.7
21.6
20.8
3.2
2.9
42.1
44.6
3.3
2.8
Stock Watch
July 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
347
407
11,473
5,857
6,511
7.5
7.9
11.7
12.9
29.6
26.9
4.8
4.2
17.1
16.7
1.9
1.7
BGR Energy
Neutral
122
-
883
3,615
3,181
9.5
9.4
16.7
12.4
7.3
9.9
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
149
-
36,543
33,722
35,272
10.8
11.7
10.5
14.2
14.2
10.5
1.1
1.0
7.0
9.0
1.1
1.1
Blue Star
Accumulate
485
495
4,624
3,770
4,351
5.7
6.4
11.4
17.2
42.4
28.3
6.6
6.1
18.4
23.1
1.2
1.1
Crompton Greaves
Neutral
78
-
4,892
13,484
14,687
4.9
6.2
4.5
7.1
17.3
11.0
1.2
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
145
-
3,535
1,655
1,755
16.6
16.8
7.4
7.8
19.6
18.6
3.9
3.7
21.1
20.6
2.1
1.9
Inox Wind
Buy
224
286
4,962
5,605
6,267
15.7
16.4
24.8
30.0
9.0
7.5
2.5
1.9
25.9
24.4
1.0
0.9
KEC International
Neutral
143
-
3,687
8,791
9,716
6.1
6.8
5.4
8.2
26.6
17.5
2.7
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
880
-
10,489
6,413
7,525
7.4
8.5
30.5
39.3
28.9
22.4
4.5
3.9
15.0
17.0
1.7
1.4
VATech Wabag
Buy
582
681
3,170
3,136
3,845
8.9
9.1
26.0
35.9
22.4
16.2
2.8
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,682
-
31,583
13,151
14,757
16.4
18.3
63.9
83.4
26.3
20.2
3.4
3.1
13.3
16.1
2.2
1.9
Ambuja Cements
Neutral
271
-
42,118
11,564
12,556
19.4
20.7
8.9
10.1
30.5
26.9
3.8
3.6
12.8
13.8
3.3
3.0
HeidelbergCement
Neutral
125
-
2,835
1,772
1,926
13.3
15.4
1.0
3.0
125.1
41.7
3.2
2.9
2.6
7.9
2.2
1.9
India Cements
Neutral
123
-
3,783
4,216
4,840
18.0
19.5
4.0
9.9
30.8
12.4
1.2
1.1
4.0
9.5
1.2
1.0
JK Cement
Neutral
700
-
4,896
3,661
4,742
10.1
15.8
7.5
28.5
93.4
24.6
2.8
2.5
7.5
22.9
1.8
1.4
J K Lakshmi Cement
Neutral
424
-
4,993
2,947
3,616
16.7
19.9
11.5
27.2
36.9
15.6
3.5
3.0
9.8
20.8
2.1
1.7
Mangalam Cements
Neutral
298
-
796
1,053
1,347
10.5
13.3
8.4
26.0
35.5
11.5
1.5
1.4
4.3
12.5
1.1
0.9
Orient Cement
Neutral
171
-
3,511
1,854
2,524
21.2
22.2
7.7
11.1
22.3
15.4
3.2
2.8
13.3
15.7
2.6
1.8
Ramco Cements
Neutral
556
-
13,229
4,036
4,545
20.8
21.3
15.1
18.8
36.8
29.6
4.5
4.0
12.9
14.3
3.8
3.3
Shree Cement^
Neutral
16,286
-
56,737
7,150
8,742
26.7
28.6
228.0
345.5
71.4
47.1
10.5
8.8
15.7
20.3
7.6
6.1
UltraTech Cement
Neutral
3,684
-
101,113
24,669
29,265
18.2
20.6
82.0
120.0
44.9
30.7
4.8
4.2
11.3
14.7
4.1
3.5
Construction
ITNL
Buy
78
93
2,556
7,360
8,682
34.0
32.2
7.0
8.6
11.1
9.0
0.4
0.4
3.2
2.5
3.7
3.6
KNR Constructions
Neutral
592
-
1,666
937
1,470
14.3
14.0
44.2
38.6
13.4
15.4
2.7
2.3
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,577
1,700
146,973
58,870
65,708
8.3
10.3
42.0
53.0
37.6
29.8
2.6
2.4
8.8
11.2
2.7
2.5
Gujarat Pipavav Port
Neutral
175
-
8,438
629
684
51.0
52.2
6.4
5.9
27.3
29.6
3.6
3.3
15.9
12.7
13.7
12.4
MBL Infrastructures
Buy
135
285
560
2,313
2,797
12.2
14.6
19.0
20.0
7.1
6.8
0.7
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
82
-
4,564
7,892
8,842
8.8
9.1
3.0
5.3
27.4
15.5
1.4
1.3
5.0
8.5
0.8
0.7
PNC Infratech
Buy
562
647
2,886
1,873
2,288
13.2
13.5
24.0
32.0
23.4
17.6
2.3
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
306
-
1,515
5,955
6,829
10.3
10.5
16.0
31.0
19.1
9.9
1.0
0.9
5.3
9.9
0.8
0.6
Stock Watch
July 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
561
-
826
1,539
1,801
12.8
12.7
59.0
72.1
9.5
7.8
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
294
-
5,042
3,186
3,598
10.2
10.3
8.0
9.0
36.7
32.7
3.4
3.0
9.4
9.9
1.9
1.7
NBCC
Neutral
245
-
14,685
5,838
7,428
6.0
7.9
5.2
8.2
47.1
29.9
1.5
1.2
21.9
28.2
2.4
1.7
MEP Infra
Neutral
45
-
726
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
100
-
3,515
675
1,042
62.4
64.7
-
-
3.7
4.3
-
-
16.9
11.4
Engineers India
Neutral
225
-
7,591
1,667
1,725
13.5
16.0
9.7
11.4
23.2
19.8
2.7
2.6
11.7
13.4
3.4
3.4
Financials
Allahabad Bank
Neutral
78
-
5,661
8,569
9,392
2.8
2.9
16.3
27.5
4.8
2.9
0.5
0.4
7.6
11.9
-
-
Axis Bank
Neutral
543
-
129,673
26,204
29,738
3.6
3.5
34.5
35.4
15.7
15.3
2.5
2.2
16.8
14.9
-
-
Bank of Baroda
Neutral
154
-
35,576
18,802
21,088
2.0
2.2
(7.4)
13.0
11.9
1.2
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
111
-
10,344
15,972
17,271
1.9
2.0
15.3
33.4
7.2
3.3
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
258
-
14,023
15,441
16,945
2.0
2.1
46.6
70.4
5.6
3.7
0.5
0.4
8.0
11.2
-
-
Dena Bank
Neutral
39
-
2,598
3,440
3,840
2.1
2.3
7.3
10.0
5.4
3.9
0.4
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
224
270
6,529
1,828
2,225
2.9
3.0
24.9
29.7
9.0
7.5
1.4
1.2
15.1
16.1
-
-
Equitas Holdings
Buy
201
235
6,738
679
1,076
12.4
11.7
6.2
6.7
32.4
30.0
4.0
2.9
13.3
12.5
-
-
Federal Bank
Neutral
65
-
11,134
3,279
3,787
2.8
2.9
3.9
5.5
16.4
11.7
1.3
1.2
8.4
10.8
-
-
HDFC
Neutral
1,401
-
221,533
10,358
11,852
3.3
3.3
41.1
47.0
34.1
29.8
6.5
5.9
24.7
24.9
-
-
HDFC Bank
Neutral
1,248
-
315,936
38,606
47,696
4.4
4.5
48.8
61.4
25.6
20.3
4.3
3.8
18.7
20.0
-
-
ICICI Bank
Neutral
272
-
158,278
34,279
39,262
3.3
3.3
21.0
24.4
13.0
11.2
2.2
1.9
14.4
14.7
-
-
IDBI Bank
Neutral
70
-
14,484
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
156
-
7,473
6,160
6,858
2.5
2.5
24.5
29.8
6.4
5.2
0.5
0.5
7.7
8.6
-
-
LIC Housing Finance
Accumulate
514
582
25,935
3,179
3,758
2.6
2.6
32.9
40.6
15.6
12.7
2.9
2.5
19.6
20.7
-
-
Oriental Bank
Neutral
118
-
4,080
7,643
8,373
2.4
2.4
37.2
45.4
3.2
2.6
0.3
0.3
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
129
-
25,330
23,122
26,022
2.8
2.8
7.0
21.6
18.4
6.0
0.9
0.8
3.4
10.0
-
-
South Ind.Bank
Neutral
21
-
2,876
1,965
2,185
2.5
2.5
2.5
3.3
8.6
6.5
0.9
0.8
9.5
11.7
-
-
St Bk of India
Neutral
231
-
179,281
79,958
86,061
2.6
2.6
13.4
20.7
17.3
11.2
1.4
1.3
11.5
12.8
-
-
Union Bank
Neutral
129
-
8,899
12,646
14,129
2.3
2.4
31.0
39.1
4.2
3.3
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
42
-
4,190
3,536
3,827
1.9
1.9
5.5
6.7
7.6
6.3
0.6
0.6
7.8
8.8
-
-
Yes Bank
Neutral
1,221
-
51,385
7,190
9,011
3.2
3.3
58.2
69.7
21.0
17.5
3.7
3.2
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,127
-
108,097
15,534
17,445
17.7
16.8
18.4
19.6
61.4
57.5
21.7
20.5
34.6
35.6
6.5
5.8
Stock Watch
July 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
Britannia
Neutral
2,865
-
34,372
8,481
9,795
14.0
14.1
65.5
78.3
43.7
36.6
20.7
17.0
38.3
41.2
4.0
3.4
Colgate
Neutral
931
-
25,311
4,136
4,632
22.5
23.3
22.2
25.3
41.9
36.8
25.5
22.7
68.6
67.5
6.2
5.5
Dabur India
Neutral
308
-
54,173
9,370
10,265
17.6
17.3
7.3
8.1
42.0
38.0
10.9
10.0
31.7
30.6
5.6
5.1
GlaxoSmith Con*
Neutral
6,334
-
26,637
4,519
5,142
19.6
19.8
164.3
191.2
38.6
33.1
10.7
9.1
30.8
29.9
5.5
4.8
Godrej Consumer
Neutral
1,635
-
55,677
9,003
10,335
18.1
18.7
34.1
41.8
48.0
39.1
10.4
8.9
23.9
24.8
6.4
5.6
HUL
Neutral
908
-
196,546
33,194
35,252
17.8
17.6
19.0
20.4
47.8
44.5
42.1
36.6
87.4
82.2
5.7
5.4
ITC
Accumulate
254
283
306,478
36,837
40,059
38.7
39.0
8.2
9.1
31.2
27.9
8.7
7.6
27.8
27.2
7.7
7.1
Marico
Neutral
282
-
36,402
6,151
6,966
17.2
17.3
5.4
6.4
52.3
44.1
16.4
12.9
33.2
32.4
5.8
5.1
Nestle*
Neutral
7,223
-
69,641
9,393
10,507
22.2
22.3
106.8
121.8
67.6
59.3
23.8
21.4
34.8
36.7
7.1
6.3
Tata Global
Neutral
140
-
8,845
8,635
9,072
9.8
9.9
5.8
7.2
24.2
19.5
2.2
2.1
6.8
7.4
1.0
1.0
Procter & Gamble
Buy
6,423
7,369
20,851
2,588
2,939
23.3
23.2
130.2
146.2
49.3
44.0
98.4
94.3
27.6
25.3
7.6
6.6
Hygiene
IT
HCL Tech^
Buy
751
1,000
105,969
37,061
30,781
21.5
20.5
51.4
40.0
14.6
18.8
3.8
2.7
20.1
20.3
2.6
2.7
Infosys
Buy
1,079
1,374
247,886
62,441
70,558
27.5
27.5
59.0
65.3
18.3
16.5
3.7
3.3
22.2
22.4
3.4
2.9
TCS
Buy
2,616
3,004
515,375
108,646
122,770
28.3
28.3
123.7
141.0
21.1
18.6
7.0
6.4
33.1
34.6
4.2
3.6
Tech Mahindra
Buy
486
700
47,181
26,494
30,347
16.3
17.0
32.2
37.5
15.1
13.0
3.3
2.8
21.7
21.8
1.6
1.4
Wipro
Buy
553
680
136,705
50,808
56,189
23.7
23.8
37.3
40.7
14.8
13.6
2.8
2.6
19.2
17.7
2.1
1.7
Media
D B Corp
Neutral
406
-
7,465
2,025
2,187
27.4
27.4
17.4
18.9
23.3
21.5
5.3
4.8
22.9
23.7
3.7
3.4
HT Media
Neutral
84
-
1,947
2,495
2,673
12.9
13.2
6.8
7.2
12.3
11.6
1.0
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Accumulate
181
205
5,917
2,107
2,355
33.5
28.0
10.1
10.8
18.0
16.8
4.2
3.6
23.3
21.7
2.9
2.5
Sun TV Network
Neutral
447
-
17,596
2,510
2,763
71.8
71.5
21.9
24.8
20.4
18.0
4.8
4.4
22.8
24.3
6.3
5.7
Hindustan Media
Neutral
276
-
2,025
914
1,016
21.7
21.5
21.9
23.3
12.6
11.9
2.3
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Accumulate
330
380
208,440
76,167
84,130
19.9
22.3
22.4
25.8
14.7
12.8
5.3
5.2
35.5
41.0
2.1
1.9
Hind. Zinc
Neutral
203
-
85,626
14,641
14,026
50.4
50.4
17.7
16.0
11.5
12.7
1.8
1.6
16.2
13.2
3.3
3.2
Hindalco
Neutral
134
-
27,619
104,356
111,186
8.7
9.5
6.7
11.1
19.9
12.1
0.7
0.7
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,685
-
40,729
42,308
45,147
16.4
20.7
(10.3)
49.5
34.0
1.9
1.8
(1.0)
5.6
2.0
1.8
NMDC
Neutral
102
-
40,599
8,237
10,893
46.6
44.5
10.0
11.7
10.3
8.8
1.1
1.0
12.5
13.0
4.6
3.5
SAIL
Neutral
47
-
19,577
45,915
53,954
7.2
10.5
1.5
4.4
31.5
10.8
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
170
-
50,252
71,445
81,910
26.2
26.3
12.9
19.2
13.2
8.8
0.9
0.8
7.2
8.9
1.2
0.9
Tata Steel
Neutral
350
-
34,022
126,760
137,307
8.9
11.3
6.4
23.1
55.1
15.2
1.1
1.1
2.0
7.1
0.9
0.8
Stock Watch
July 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
Cairn India
Neutral
195
-
36,475
11,323
12,490
49.4
51.0
20.7
20.7
9.4
9.4
0.6
0.6
6.4
6.1
2.4
1.6
GAIL
Neutral
384
-
48,678
64,856
70,933
9.1
9.6
24.0
28.9
16.0
13.3
1.4
1.3
8.8
9.6
1.0
0.8
ONGC
Neutral
222
-
189,718
154,564
145,998
36.8
37.4
20.8
22.6
10.7
9.8
1.0
0.9
10.1
9.7
1.5
1.6
Petronet LNG
Neutral
297
-
22,271
29,691
31,188
5.8
6.2
12.8
13.4
23.2
22.1
3.5
3.1
15.8
14.8
0.8
0.8
Indian Oil Corp
Neutral
532
-
129,240
359,607
402,760
5.9
6.1
42.5
48.7
12.5
10.9
1.7
1.5
14.1
14.4
0.5
0.4
Reliance Industries
Neutral
1,026
-
332,691
304,775
344,392
12.6
13.4
91.3
102.6
11.2
10.0
1.3
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
613
-
11,562
3,145
3,483
31.9
16.2
38.2
18.7
16.1
32.8
7.2
6.1
57.9
20.1
3.4
3.2
Aurobindo Pharma
Accumulate
779
880
45,596
13,651
15,702
21.7
21.7
33.9
38.4
23.0
20.3
6.5
5.0
32.5
27.7
3.7
3.2
Aventis*
Neutral
4,606
-
10,607
2,049
2,375
15.4
17.3
115.4
153.5
39.9
30.0
6.5
5.1
19.3
25.8
4.9
4.1
Cadila Healthcare
Accumulate
361
400
36,988
9,469
11,246
21.2
22.0
14.9
17.1
24.3
21.1
6.9
5.4
28.8
26.6
4.0
3.3
Cipla
Neutral
521
-
41,826
13,372
15,378
16.4
17.4
18.8
21.6
27.7
24.1
3.5
3.1
13.3
13.7
3.2
3.0
Dr Reddy's
Neutral
2,961
-
50,491
15,471
17,479
24.6
24.6
138.2
152.4
21.4
19.4
3.9
3.4
19.7
18.7
3.8
3.3
Dishman Pharma
Neutral
156
-
2,522
1,733
1,906
21.5
21.5
10.1
10.0
15.5
15.6
1.8
1.6
10.5
11.2
1.8
1.6
GSK Pharma*
Neutral
3,348
-
28,354
2,741
3,528
16.5
18.9
44.2
60.1
75.7
55.7
16.7
16.6
21.2
29.9
10.1
7.9
Indoco Remedies
Neutral
320
-
2,952
977
1,112
14.9
18.2
9.0
13.2
35.6
24.3
5.1
4.3
15.1
19.2
3.1
2.7
Ipca labs
Buy
494
613
6,232
2,844
3,799
10.6
15.3
10.6
17.3
46.6
28.6
2.7
2.5
5.9
9.1
2.3
1.8
Lupin
Accumulate
1,704
1,809
76,825
13,702
15,912
23.7
26.4
50.5
58.1
33.7
29.3
7.0
5.7
22.9
21.4
6.1
4.9
Sun Pharma
Buy
824
944
198,263
27,744
31,129
26.0
30.0
22.0
28.0
37.5
29.4
5.4
4.5
18.3
18.7
6.8
5.9
Power
Tata Power
Neutral
71
-
19,122
35,923
37,402
22.6
22.8
4.1
5.2
17.4
13.7
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Neutral
159
-
131,062
87,271
99,297
23.5
23.5
11.8
13.3
13.5
12.0
1.5
1.4
11.5
12.2
2.5
2.2
Power Grid
Neutral
175
-
91,605
20,702
23,361
86.7
86.4
12.1
13.2
14.5
13.3
2.1
1.9
15.6
15.1
9.2
8.5
Real Estate
MLIFE
Buy
458
554
1,878
826
1,011
20.1
21.9
22.7
30.7
20.2
14.9
1.2
1.1
6.0
7.4
4.2
3.1
Telecom
Bharti Airtel
Neutral
372
-
148,743
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
105
-
37,844
34,282
36,941
32.0
31.5
5.9
6.2
17.8
17.0
1.6
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,665
-
9,912
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
2.9
Bajaj Electricals
Accumulate
264
268
2,666
4,612
5,351
5.6
5.7
9.5
12.4
27.9
21.3
3.5
3.1
12.5
14.4
0.5
0.5
Finolex Cables
Neutral
387
-
5,923
2,520
2,883
12.2
12.0
12.7
14.2
30.6
27.3
4.2
3.7
13.6
13.5
2.1
1.8
Goodyear India*
Buy
532
631
1,226
1,750
1,598
11.3
10.4
53.7
49.4
9.9
10.8
2.1
1.8
23.0
18.2
0.5
0.4
Hitachi
Neutral
1,474
-
4,008
1,779
2,081
7.8
8.8
21.8
33.4
67.6
44.1
10.9
8.8
17.4
22.1
2.4
2.0
Stock Watch
July 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
Jyothy Laboratories
Neutral
290
-
5,248
1,620
1,847
11.5
11.5
7.3
8.5
39.8
34.2
5.1
4.8
13.3
14.4
3.1
2.6
MRF
Buy
34,147
45,575
14,482
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.2
9.0
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,550
-
15,113
1,929
2,450
19.8
20.1
229.9
299.0
58.9
45.3
26.0
18.1
52.1
47.1
7.9
6.2
Relaxo Footwears
Neutral
490
-
5,884
1,767
2,152
12.3
12.5
19.3
25.1
25.5
19.6
6.3
4.8
27.7
27.8
3.5
2.8
Siyaram Silk Mills
Buy
1,032
1,347
967
1,619
1,799
11.6
11.6
93.5
104.9
11.0
9.8
1.9
1.6
17.1
16.4
0.8
0.8
Styrolution ABS India* Neutral
624
-
1,098
1,271
1,440
8.6
9.2
32.0
41.1
19.5
15.2
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,399
2,932
1,837
2,035
2,252
15.9
15.3
248.6
268.1
9.7
9.0
4.2
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
314
-
2,273
2,123
2,384
16.1
16.5
15.0
18.9
20.9
16.7
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
276
-
3,997
2,403
2,554
8.6
9.9
9.2
10.5
30.1
26.4
2.9
2.8
9.7
10.7
1.3
1.2
Ltd
M M Forgings
Buy
424
546
512
511
615
21.7
21.6
43.1
55.8
9.8
7.6
1.8
1.5
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
173
-
1,234
1,208
1,353
11.0
12.3
10.8
14.5
16.0
11.9
1.8
1.6
11.9
14.5
1.0
0.9
Competent Automobiles Neutral
174
-
107
1,040
1,137
3.2
3.1
25.7
28.0
6.7
6.2
1.0
0.9
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,311
-
1,957
1,871
2,031
10.7
10.5
63.2
69.8
20.8
18.8
3.4
2.9
17.6
16.6
1.1
1.0
Visaka Industries
Neutral
165
-
261
1,020
1,120
8.7
9.1
13.9
20.1
11.8
8.2
0.8
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
373
-
2,859
2,830
3,350
8.8
9.0
14.4
18.3
26.0
20.4
4.0
3.5
15.4
17.1
1.1
0.9
India
Elecon Engineering
Neutral
59
-
641
1,359
1,482
10.3
13.7
0.8
3.9
73.3
15.1
1.2
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
166
201
728
2,992
3,223
8.1
8.4
14.7
18.3
11.3
9.1
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
154
-
615
286
366
18.3
17.7
7.7
9.4
20.0
16.5
4.2
3.7
20.2
21.1
2.0
1.5
Radico Khaitan
Buy
92
125
1,219
1,543
1,659
12.6
13.0
5.8
6.3
15.9
14.5
1.4
1.3
8.5
8.6
1.3
1.2
Garware Wall Ropes
Accumulate
451
460
987
828
898
11.2
10.3
28.3
29.0
16.0
15.5
2.7
2.3
16.8
14.9
1.1
1.0
Wonderla Holidays
Neutral
406
-
2,294
206
308
44.0
43.6
9.0
12.9
45.1
31.5
6.2
5.6
13.7
17.8
11.2
7.5
Linc Pen & Plastics
Neutral
276
-
408
344
382
9.1
9.1
12.4
13.1
22.3
21.1
4.0
3.5
18.0
16.7
1.3
1.2
The Byke Hospitality
Neutral
164
-
657
222
287
20.5
20.5
5.6
7.6
29.1
21.7
5.5
4.5
18.9
20.8
3.0
2.3
Interglobe Aviation
Neutral
949
-
34,194
17,022
21,122
20.7
14.5
63.9
53.7
14.9
17.7
22.3
18.2
149.9
103.2
2.1
1.6
Coffee Day Enterprises
Neutral
246
-
5,074
2,692
2,964
17.0
18.6
-
4.7
-
52.0
3.0
2.9
0.2
5.5
2.3
2.2
Ltd
Navneet Education
Neutral
98
-
2,335
998
1,062
24.1
24.0
5.8
6.1
17.0
16.1
3.8
3.3
22.0
20.6
2.3
2.2
Navkar Corporation
Buy
217
265
3,090
347
408
43.2
42.9
6.7
6.8
32.5
32.0
2.4
2.2
7.3
6.9
9.2
8.4
UFO Moviez
Neutral
594
-
1,639
558
619
32.0
33.2
22.5
30.0
26.4
19.8
3.2
2.7
12.0
13.8
2.7
2.3
VRL Logistics
Neutral
361
-
3,291
1,725
1,902
16.5
16.7
12.2
14.6
29.6
24.8
6.2
5.4
20.8
21.9
2.1
1.9
Stock Watch
July 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
Team Lease Serv.
Neutral
1,051
-
1,796
2,565
3,229
1.3
1.5
15.2
22.8
69.2
46.1
5.5
4.9
8.0
10.7
0.6
0.5
S H Kelkar & Co.
Neutral
253
-
3,662
928
1,036
15.3
15.1
4.9
6.1
51.3
41.5
4.8
4.4
9.4
10.7
3.7
3.2
Quick Heal
Neutral
280
-
1,962
339
408
27.8
27.3
7.1
7.7
39.6
36.2
3.4
3.4
8.5
9.3
4.5
3.8
Narayana Hrudaya
Neutral
290
-
5,922
1,603
1,873
10.9
11.5
1.0
2.6
304.2
109.6
7.3
6.7
2.4
6.1
3.8
3.3
Manpasand Bever.
Neutral
671
-
3,361
540
836
19.9
19.6
10.2
16.9
65.6
39.7
5.3
4.8
8.1
12.0
6.3
4.0
Parag Milk Foods
Neutral
326
-
2,739
1,645
1,919
9.0
9.3
6.7
9.5
48.5
34.5
6.3
5.4
13.1
15.5
1.9
1.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 28, 2016
Market Outlook
July 29, 2016
Research Team Tel: 022 - 39357800
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