Market Outlook

December 13, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open flat tracking the SGX Nifty.

BSE Sensex

(0.9)

(232)

26,515

US Markets closed mostly lower on Monday despite oil prices soaring as Treasury

Nifty

(1.1)

(91)

8,171

yields spiked ahead of a key Federal Reserve meeting.

Mid Cap

(1.1)

(140)

12,396

The European markets ended the first session of the new trading week with mixed

Small Cap

(0.7)

(89)

12,231

results. The markets endured a choppy trading session, as investors exercised

Bankex

(1.7)

(357)

21,054

caution ahead of Wednesday's announcement from the Federal Reserve. The Fed is

widely expected to announce an interest rate hike at its policy meeting.

Global Indices

Chg (%)

(Pts)

(Close)

Indian shares look set to open a tad lower on Monday after the GST council on

Dow Jones

0.2

19,796

Sunday failed to finalize the draft laws and agreed to meet again on December 22

Nasdaq

(0.6)

(32)

5,413

and 23 to hammer out a consensus. The latest development dashed hopes that the

FTSE

(0.9)

(64)

6,890

crucial bill would be introduced in the ongoing winter session of Parliament.

Nikkei

0.8

159

19,155

Hang Seng

(1.4)

(328)

22,433

News Analysis

Shanghai Com

(2.5)

(80)

3,153

 Tata Motors to raise passenger vehicle prices by up to `25,000

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Investor’s Ready Reckoner

Advances

1,078

526

Key Domestic & Global Indicators

Declines

1,589

1,061

Stock Watch: Latest investment recommendations on 150+ stocks

Unchanged

131

Refer Pg5 onwards

Volumes (` Cr)

Top Picks

CMP

Target

Upside

Company

Sector

Rating

BSE

2,102

(`)

(%)

NSE

13,323

Amara Raja Batt. Auto & Auto Ancill.

Buy

900

1,167

29.6

Alkem Laboratories Pharmaceuticals

Buy

1,624

1,989

22.5

HCL Tech

Buy

800

1,000

25.1

Net Inflows (` Cr)

Net

Mtd

Ytd

Power Grid Corp. Power

Buy

185

223

20.6

FII

743

499

27,776

Navkar Corp.

Others

Buy

177

265

49.4

MFs

295

38,481

More Top Picks on Pg3

Key Upcoming Events

Top Gainers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Reading

Expectations

Aban

262

4.8

Dec 13 India

Exports YoY%

9.59

Tataelxsi

1,484

4.1

Dec 13 India

Imports YoY%

8.10

Nationalum

3.8

Dec 13 UK

CPI (YoY)

0.90

1.10

Ttkprestig

5,620

3.7

Dec 13 China

Industrial Production (YoY)

6.10

Torntpower

188

3.5

More Events on Pg4

Top Losers

Price (`)

Chg (%)

Bajfinance

845

(5.7)

Bergepaint

208

(5.5)

Pidilitind

608

(5.1)

Kajariacer

501

(4.5)

Intellect

165

(4.4)

As on December 12, 2016

www.angelbroking.com

Market Outlook

December 13, 2016

News Analysis

Tata Motors to raise passenger vehicle prices by up to `25,000

Tata Motors announced that it will hike prices of its passenger vehicles by up to

`25,000 from next month in order to offset increased input costs.

The company will be increasing prices of its passenger vehicles starting from

`5,000 up to `25,000, depending on the model, Tata Motors said in a statement.

The increase is effective January 1. The increase in prices of raw material

commodities like steel, aluminium, copper and rubber over a period of time has

put a lot of pressure on us and as a result, Tata Motors are forced to hike prices of

our passenger vehicles

The company is witnessing good demand for its cars and has witnessed month-on-

month growth on the back of the recently-launched Tiago. Tata Motors sells a

range of passenger vehicles, including the entry-level small car Nano, the newly

launched hatchback Tiago and crossover vehicle Aria, at a price range of `2.18

lakh to `17.29 lakh (ex-showroom Delhi).

Yesterday, Renault India announced plans to increase prices of its vehicles by up to

3% from next month to offset increased input costs.

Earlier, Toyota Kirloskar Motor (TKM) had announced hike in prices of its vehicles

by up to 3% from next month to offset increased input cost and consistent upward

trend in foreign exchange rates.

Sheela Foam IPO - Book profit

We had a ‘Subscribe’ rating on Sheela Foam which got listed on Friday 9th

December 2019. The stock has appreciated 38% post its listing at CMP `1,007.

Considering the current rich valuations (41x of FY17E EPS), we believe that it is

time to book profit on this IPO.

Economic and Political News

 RBI asks banks to maintain records of new currency

 Discount on petrol, diesel buy via digital mode from midnight

 Mutual funds pump `36,000 cr inflow in November; `3 lakh-cr in Apr-Nov

Corporate News

 Massive fire in Biocon's Syngene complex in Bengaluru

 Demonetization pain slows down Bajaj Finance

 DLF’s debt woes to linger as stake sale deal gets delayed

www.angelbroking.com

Market Outlook

December 13, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

15,381

900

1,167

29.6

technological products leading to market share gains in

both the automotive OEM and replacement segments.

Strong growth in domestic business due to its leadership in

Alkem Laboratories

19,417

1,624

1,989

22.5

acute therapeutic segment. Alkem expects to launch more

products in USA, which bodes for its international business.

The stock is trading at attractive valuations and is factoring

HCL Tech

1,12,804

800

1,000

25.1

all the bad news.

Back on the growth trend; expect a long term growth of 14%

Infosys

2,24,526

978

1,249

27.7

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Tourbo

1,27,219

1,365

1,634

19.7

trigger the growth for the L&T

One of the largest pharma companies with strong

international presence. It has a rich pipeline of ANDAs

Lupin

67,752

1,503

1,809

20.4

which is also one of the largest among the generic

companies.

Going forward, we expect the company to report strong

Power Grid Corporation

96,732

185

223

20.6

top-line CAGR of ~16% and bottom-line CAGR of ~19%

over FY16-18 on back of strong capitalization guidance

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

636

211

351

66.0

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,205

218

274

25.4

Improved profitability backed by turn around in E&P

segment. Strong order book lends earnings visibility.

Favourable outlook for AC industry augurs well for Cooling

Blue Star

4,466

468

634

35.4

products business which is outgrowing the market. EMPPAC

division's is likely to turn around on improving economy

With a focus on the low and medium income (LMI)

Dewan Housing Finance

7,776

248

350

40.9

consumer 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

adequate CAR. ROE & ROA likely to remain decent as risk of

Equitas Holdings

5,188

155

235

51.9

dilution remains low. Attractive valuations considering

growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

5,677

174

225

29.6

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

1,465

357

522

46.2

visibilty in short-to-long run, attractive valuations

We expect the company to report strong growth on back of

healthy growth in domestic branded sales (owing to

Mirza International

1,014

107

26.9

aggressive ad spend and addition in the number of EBOs &

multi-brand outlets [MBOs]) and healthy export revenues.

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,529

177

265

49.4

ICD as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,157

1,234

1,605

30.1

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

1,702

285

385

34.9

and anticipated growth in ad spends by corporate to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

December 13, 2016

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Dec 13, 2016

India

Imports YoY%

% Change

Nov

8.10

India

Exports YoY%

% Change

Nov

9.59

7:30 AM

China

Industrial Production (YoY)

% Change

Nov

6.10

3:00 PM

CPI (YoY)

% Change

Nov

0.90

1.10

Dec 14, 2016

3:00 PM

Jobless claims change

% Change

Nov

9.80

6.50

12:00 PM

India Monthly Wholesale Prices YoY%

% Change

Nov

3.39

3.10

7:45 PM

Industrial Production

% Nov

0.04

(0.20)

Producer Price Index (mom)

% Change

Nov

0.40

Dec 15, 2016

7:00 PM

Initial Jobless claims

Thousands

Dec 10

258.00

255.00

2:00 PM

Germany

PMI Services

Value Dec P

55.10

54.90

2:00 PM

Germany

PMI Manufacturing

Value Dec P

54.30

54.50

7:00 PM

US Consumer price index (mom)

% Change

Nov

0.40

0.20

5:30 PM

BOE Announces rates

% Ratio

Dec 15

0.25

12:30 AM

FOMC rate decision

Dec 14

0.50

0.75

Dec 16, 2016

7:00 PM

Housing Starts

Thousands

Nov

1,323.00

1,230.00

7:00 PM

Building permits

Thousands

Nov

1,260.00

1,236.00

3:30 PM Euro Zone

Euro-Zone CPI (YoY)

% Nov F

0.60

Dec 21, 2016

8:30 PM

Existing home sales

Million

Nov

5.60

5.50

8:30 PM Euro Zone Euro-Zone Consumer Confidence

Value Dec A

(6.10)

Dec 22, 2016

7:00 PM

GDP Qoq (Annualised)

% Change 3Q T

3.20

3.30

Dec 23, 2016

3:00 PM

GDP (YoY)

% Change 3Q F

2.30

8:30 PM

New home sales

Thousands

Nov

563.00

575.00

Dec 27, 2016

8:30 PM

Consumer ConfidenceS.A./ 1985=100

Dec

107.10

Jan 01, 2017

6:30 AM

China

PMI Manufacturing

Value

Dec

51.70

Jan 03, 2017

3:00 PM

PMI Manufacturing

Value

Dec

53.40

2:25 PM

Germany Unemployment change (000's)

Thousands

Dec

(5.00)

Jan 06, 2017

7:00 PM

Change in Nonfarm payrolls

Thousands

Dec

178.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

December 13, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

3.0

2.2

7.9

1.9

7.5

7.6

8.0

2.0

7.2

7.1

7.3

1.3

6.6

6.7

0.7

7.0

6.4

1.0

0.3

5.8

6.0

5.0

(1.0)

(0.7)

(0.9)

4.0

(1.3)

(2.0)

(1.6)

(1.9)

3.0

(3.0)

(2.5)

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

6.1

5.6

5.7

5.8

6.0

5.4

5.5

5.3

5.1

52.0

4.8

5.0

4.4

4.2

50.0

4.0

48.0

3.0

46.0

2.0

1.0

44.0

42.0

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

15.0

7.00

10.0

6.50

5.0

6.00

0.0

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

3.50

(30.0)

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

December 13, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

59,179

(6.4)

(1.7)

30.9

Russia

Micex

2,227

8.9

10.2

28.5

India

Nifty

8,171

(3.1)

(8.4)

5.0

China

Shanghai Composite

3,153

(2.1)

1.9

(12.7)

South Africa

Top 40

43,893

(2.5)

(5.1)

(0.8)

Mexico

Mexbol

46,913

(3.2)

(1.0)

11.7

Indonesia

LQ45

890

(3.4)

(1.8)

13.3

Malaysia

KLCI

1,641

(0.4)

(2.8)

(1.9)

Thailand

SET 50

954

0.9

2.9

9.4

USA

Dow Jones

19,796

6.5

8.0

14.0

FTSE

6,890

0.6

3.8

18.4

Japan

Nikkei

19,155

10.6

11.5

(5.1)

Germany

DAX

11,190

5.3

7.3

7.1

France

CAC

4,761

5.1

8.5

4.3

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

December 13, 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

199

3,879

1,937

2,164

13.3

14.3

9.0

11.0

22.2

18.1

3.9

3.4

18.4

19.8

2.0

1.8

United Phosphorus

Neutral

696

35,256

15,176

17,604

18.5

37.4

44.6

18.6

15.6

3.7

3.0

21.4

21.2

2.4

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

22,539

22,407

26,022

10.6

5.2

6.4

15.2

12.3

3.4

2.9

23.6

24.7

1.1

0.9

Bajaj Auto

Neutral

2,653

76,762

25,093

27,891

19.5

19.2

143.9

162.5

18.4

16.3

5.2

4.4

30.3

29.4

2.8

2.4

Bharat Forge

Neutral

967

22,510

7,726

8,713

20.5

21.2

35.3

42.7

27.4

22.7

5.1

4.6

18.9

20.1

3.0

2.6

Eicher Motors

Neutral

22,179

60,241

16,583

20,447

17.5

18.0

598.0

745.2

37.1

29.8

12.7

9.7

41.2

38.3

3.5

2.7

Gabriel India

Buy

108

130

1,548

1,544

1,715

9.0

9.3

5.4

6.3

20.0

17.1

3.8

3.3

18.9

19.5

1.0

0.8

Hero Motocorp

Accumulate

3,217

3,541

64,230

30,958

34,139

15.7

193.6

208.3

16.6

15.4

6.5

5.4

34.2

30.5

1.9

1.7

Jamna Auto Industries Neutral

171

1,369

1,486

1,620

9.8

9.9

15.0

17.2

11.4

10.0

2.5

2.1

21.8

21.3

1.0

0.9

L G Balakrishnan & Bros Neutral

583

915

1,302

1,432

11.6

11.9

43.7

53.0

13.3

11.0

1.9

1.7

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,168

72,544

46,534

53,077

11.6

11.7

67.3

78.1

17.4

15.0

2.8

2.5

15.4

15.8

1.5

1.3

Maruti

Buy

5,146

6,006

155,449

68,057

82,958

15.8

15.5

212.1

261.2

24.3

19.7

4.8

4.0

19.8

20.3

2.0

1.5

Minda Industries

Neutral

312

2,475

2,728

3,042

9.0

9.1

68.2

86.2

4.6

3.6

1.0

0.8

23.8

24.3

1.0

0.8

Motherson Sumi

Neutral

321

45,014

45,896

53,687

7.8

8.3

13.0

16.1

24.6

19.9

7.9

6.3

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

985

780

511

562

11.3

11.5

28.1

30.9

35.1

31.9

5.4

4.9

15.3

15.0

1.7

1.5

Setco Automotive

Neutral

479

741

837

13.0

15.2

17.0

2.4

2.1

0.4

15.8

16.3

1.0

0.9

Tata Motors

Neutral

455

131,238

300,209

338,549

8.9

8.4

42.7

54.3

10.7

8.4

1.7

1.4

15.6

17.2

0.6

0.5

TVS Motor

Neutral

366

17,402

13,390

15,948

6.9

7.1

12.8

16.5

28.7

22.1

7.1

5.7

26.3

27.2

1.3

1.1

Amara Raja Batteries

Buy

900

1,167

15,381

5,504

6,605

17.6

17.5

33.4

40.9

27.0

22.0

5.9

4.8

22.1

22.0

2.8

2.3

Exide Industries

Neutral

175

14,854

7,439

8,307

15.0

8.1

9.3

21.6

18.8

3.0

2.7

14.3

16.7

1.6

1.4

Apollo Tyres

Buy

194

235

9,870

12,877

14,504

14.3

13.9

21.4

23.0

9.1

8.4

1.4

1.2

16.4

15.2

0.9

Ceat

Buy

1,244

1,450

5,030

7,524

8,624

13.0

12.7

131.1

144.3

9.5

8.6

1.8

1.5

19.8

18.6

0.7

JK Tyres

Neutral

119

2,704

7,455

8,056

15.0

21.8

24.5

5.5

4.9

1.1

0.9

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,340

1,664

660

810

15.2

16.4

54.5

72.8

24.6

18.4

7.7

7.0

31.5

39.2

2.3

1.9

Subros

Neutral

164

985

1,488

1,681

11.7

11.9

6.4

7.2

25.7

22.9

2.7

2.5

10.8

11.4

0.9

0.8

Indag Rubber

Neutral

182

479

286

326

19.8

16.8

11.7

13.3

15.6

13.7

2.6

2.5

17.8

17.1

1.3

1.2

Capital Goods

ACE

Neutral

487

709

814

4.1

4.6

1.4

2.1

35.2

23.5

1.5

1.4

4.4

6.0

0.8

0.7

BEML

Neutral

906

3,773

3,451

4,055

6.3

9.2

31.4

57.9

28.9

15.7

1.7

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Neutral

1,506

33,633

8,137

9,169

16.8

17.2

58.7

62.5

25.7

24.1

4.0

3.5

44.6

46.3

3.1

2.8

www.angelbroking.com

Stock Watch

December 13, 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Buy

318

407

10,520

6,511

7,514

7.9

8.7

12.9

16.3

24.7

19.5

4.4

3.9

16.7

18.5

1.4

1.2

BGR Energy

Neutral

117

845

16,567

33,848

6.0

5.6

7.8

5.9

15.0

19.9

0.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

128

31,207

28,797

34,742

2.8

2.3

6.9

55.4

18.5

0.9

1.3

4.8

0.7

0.5

Blue Star

Buy

468

634

4,466

4,283

5,077

5.9

7.3

14.9

22.1

31.5

21.2

6.1

5.2

20.4

26.4

1.1

0.9

Crompton Greaves

Neutral

3,814

5,777

6,120

5.9

7.0

3.3

4.5

18.4

13.5

0.8

4.4

5.9

0.6

0.5

Greaves Cotton

Neutral

126

3,068

1,755

1,881

16.8

16.9

7.8

8.5

16.1

14.8

3.2

3.0

20.6

20.9

1.4

1.3

Inox Wind

Neutral

201

4,463

5,605

6,267

15.7

16.4

24.8

30.0

8.1

6.7

2.3

1.7

25.9

24.4

0.8

0.7

KEC International

Neutral

142

3,640

9,294

10,186

7.9

8.1

9.9

11.9

14.3

11.9

2.1

1.8

15.6

16.3

0.6

Thermax

Neutral

824

9,817

5,421

5,940

7.3

25.7

30.2

32.1

27.3

3.9

3.5

12.2

13.1

1.7

1.6

VATech Wabag

Buy

482

681

2,628

3,136

3,845

8.9

9.1

26.0

35.9

18.6

13.4

2.3

2.0

13.4

15.9

0.7

0.6

Cement

ACC

Neutral

1,346

25,279

11,225

13,172

13.2

16.9

44.5

75.5

30.3

17.8

2.9

2.6

11.2

14.2

2.3

1.9

Ambuja Cements

Neutral

209

41,510

9,350

10,979

18.2

22.5

5.8

9.5

36.0

22.0

3.0

2.7

10.2

12.5

4.4

3.8

India Cements

Neutral

114

3,514

4,364

4,997

18.5

19.2

7.9

11.3

14.5

10.1

1.0

8.0

8.5

1.6

1.4

JK Cement

Neutral

737

5,155

4,398

5,173

15.5

17.5

31.2

55.5

23.6

13.3

2.8

2.5

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Buy

369

565

4,341

2,913

3,412

14.5

19.5

7.5

22.5

49.2

16.4

3.0

2.5

12.5

18.0

2.1

1.7

Orient Cement

Buy

133

215

2,729

2,114

2,558

18.5

20.5

8.1

11.3

16.4

11.8

2.4

2.1

9.0

14.0

1.9

1.5

UltraTech Cement

Neutral

3,462

95,006

25,768

30,385

21.0

23.5

111.0

160.0

31.2

21.6

4.0

3.5

13.5

15.8

3.8

3.1

Construction

ITNL

Neutral

103

3,372

8,946

10,017

31.0

31.6

8.1

9.1

12.7

11.3

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

803

2,257

1,385

1,673

14.7

14.0

41.2

48.5

19.5

16.6

3.6

3.1

14.9

15.2

1.7

1.4

Larsen & Toubro

Buy

1,365

1,634

127,219

111,017

124,908

11.0

61.1

66.7

22.3

20.5

2.7

2.5

13.1

12.9

2.2

2.0

Gujarat Pipavav Port

Neutral

138

6,676

705

788

52.2

51.7

5.0

5.6

27.6

24.7

2.7

2.4

11.2

9.1

7.7

Nagarjuna Const.

Neutral

4,545

8,842

9,775

9.1

8.8

5.3

6.4

15.4

12.8

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Buy

106

143

2,715

2,350

2,904

13.1

13.2

9.0

8.8

11.8

12.0

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

291

1,439

6,829

7,954

10.5

31.4

37.4

9.3

7.8

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

464

683

1,801

2,219

12.7

14.6

72.1

113.9

6.4

4.1

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

272

298

4,669

3,598

4,140

10.3

10.6

9.0

11.9

30.2

22.9

3.2

2.8

9.9

11.9

1.6

1.3

NBCC

Neutral

230

13,785

7,428

9,549

7.9

8.6

8.2

11.0

28.0

20.9

1.4

1.1

28.2

28.7

1.6

1.2

MEP Infra

Neutral

587

1,877

1,943

30.6

29.8

3.0

4.2

12.0

8.6

5.8

3.9

0.6

1.7

1.5

SIPL

Neutral

3,230

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.4

3.9

(22.8)

(15.9)

11.3

9.4

www.angelbroking.com

Stock Watch

December 13, 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

Engineers India

Neutral

312

10,507

1,725

1,935

16.0

19.1

11.4

13.9

27.4

22.4

3.8

3.7

13.4

15.3

5.0

4.5

Financials

Axis Bank

Buy

445

630

106,115

46,932

53,575

3.5

3.4

32.4

44.6

13.7

10.0

1.8

1.5

13.6

16.5

Bank of Baroda

Neutral

159

36,625

19,980

23,178

1.8

11.5

17.3

13.8

9.2

1.6

1.3

8.3

10.1

Canara Bank

Neutral

306

16,621

15,225

16,836

1.8

14.5

28.0

21.1

10.9

1.5

1.2

5.8

8.5

Dewan Housing Finance Buy

248

350

7,776

2,225

2,688

2.9

29.7

34.6

8.4

7.2

1.4

1.2

16.1

16.8

Equitas Holdings

Buy

155

235

5,188

939

1,281

11.7

11.5

5.8

8.2

26.7

18.9

2.3

2.1

10.9

11.5

Federal Bank

Neutral

12,087

9,353

10,623

2.9

4.4

5.8

16.0

12.1

1.5

1.4

9.5

11.0

HDFC

Neutral

1,262

199,581

11,475

13,450

3.4

45.3

52.5

27.9

24.1

5.4

4.8

20.2

20.5

HDFC Bank

Accumulate

1,184

1,350

299,720

46,097

55,433

4.5

58.4

68.0

20.3

17.4

3.6

3.0

18.8

18.6

ICICI Bank

Buy

265

315

154,004

42,800

44,686

3.1

3.3

18.0

21.9

14.7

12.1

2.0

1.9

11.1

12.3

Lakshmi Vilas Bank

Buy

145

174

2,595

3,339

3,799

2.7

2.8

11.0

14.0

13.2

10.3

1.4

1.3

11.2

12.7

LIC Housing Finance

Accumulate

565

630

28,529

3,712

4,293

2.6

2.5

39.0

46.0

14.5

12.3

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

131

27,855

23,532

23,595

2.3

2.4

6.8

12.6

19.3

10.4

3.0

2.1

3.3

6.5

RBL Bank

Neutral

349

12,904

1,783

2,309

2.6

12.7

16.4

27.5

21.3

3.0

2.7

12.8

13.3

South Ind.Bank

Neutral

2,910

6,435

7,578

2.5

2.7

3.1

8.0

7.0

1.0

0.9

10.1

11.2

St Bk of India

Neutral

263

204,472

88,650

98,335

2.6

13.5

18.8

19.5

14.0

1.9

1.6

7.0

8.5

Union Bank

Neutral

141

9,720

13,450

14,925

2.3

25.5

34.5

5.6

4.1

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,193

50,212

8,978

11,281

3.3

3.4

74.0

90.0

16.1

13.3

3.1

2.6

17.0

17.2

FMCG

Asian Paints

Neutral

910

87,311

17,128

18,978

16.8

16.4

19.1

20.7

47.7

44.0

16.6

15.6

34.8

35.5

5.0

4.5

Britannia

Buy

2,981

3,626

35,769

9,594

11,011

14.6

14.9

80.3

94.0

37.1

31.7

15.3

11.8

41.2

3.6

3.1

Colgate

Accumulate

908

995

24,698

4,605

5,149

23.4

23.8

26.9

38.2

33.8

21.1

16.5

64.8

66.8

5.3

4.7

Dabur India

Accumulate

276

304

48,596

8,315

9,405

19.8

20.7

8.1

9.2

34.1

30.0

9.5

7.9

31.6

31.0

5.5

4.8

GlaxoSmith Con*

Neutral

4,985

20,965

4,350

4,823

21.2

21.4

179.2

196.5

27.8

25.4

7.4

6.3

27.1

26.8

4.2

3.7

Godrej Consumer

Neutral

1,441

49,073

10,235

11,428

18.4

18.6

41.1

44.2

35.1

32.6

7.8

6.6

24.9

24.8

4.9

4.3

HUL

Neutral

833

180,314

35,252

38,495

17.8

20.7

22.4

40.4

37.2

38.6

33.1

95.6

88.9

5.0

4.5

ITC

Buy

233

284

280,707

40,059

44,439

38.3

39.2

9.0

10.1

25.9

22.9

7.2

6.3

27.8

27.5

6.5

5.9

Marico

Buy

251

300

32,396

6,430

7,349

18.8

19.5

6.4

7.7

39.2

32.6

11.8

10.0

33.2

32.5

4.9

4.2

Nestle*

Neutral

6,324

60,977

10,073

11,807

20.7

21.5

124.8

154.2

50.7

41.0

20.8

18.7

34.8

36.7

5.9

5.0

Tata Global

Neutral

123

7,785

8,675

9,088

9.8

7.4

8.2

16.7

15.0

1.9

1.8

7.9

8.1

0.8

www.angelbroking.com

Stock Watch

December 13, 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FMCG

Procter & Gamble

Accumulate

6,743

7,369

21,889

2,939

3,342

23.2

23.0

146.2

163.7

46.1

41.2

103.3

99.0

25.3

23.5

7.0

6.1

Hygiene

HCL Tech^

Buy

800

1,000

112,804

49,242

57,168

20.5

55.7

64.1

14.4

12.5

2.9

2.2

20.3

17.9

2.2

1.7

Infosys

Buy

978

1,249

224,526

68,350

77,326

27.0

62.5

69.4

15.6

14.1

3.3

3.1

21.3

21.6

2.7

2.4

TCS

Buy

2,206

2,620

434,726

119,025

133,308

27.6

131.2

145.5

16.8

15.2

5.5

5.0

32.4

33.1

3.4

3.0

Tech Mahindra

Buy

469

600

45,565

29,673

32,937

15.5

17.0

32.8

39.9

14.3

11.8

2.8

2.4

19.6

20.7

1.3

1.1

Wipro

Buy

454

590

110,404

55,440

60,430

18.1

35.9

39.9

12.7

11.4

2.3

2.1

19.0

19.3

1.7

1.6

Media

D B Corp

Neutral

360

6,614

2,297

2,590

27.4

28.2

21.0

23.4

17.1

15.4

4.0

3.5

23.7

23.1

2.7

2.3

HT Media

Neutral

1,687

2,693

2,991

12.6

12.9

7.9

9.0

9.2

8.1

0.8

0.7

7.8

8.3

0.2

0.1

Jagran Prakashan

Buy

174

225

5,677

2,355

2,635

28.0

10.8

12.5

16.1

13.9

3.5

3.0

21.7

2.4

2.1

Sun TV Network

Neutral

499

19,677

2,850

3,265

70.1

71.0

26.2

30.4

19.1

16.4

4.9

4.3

24.3

25.6

6.5

5.5

Hindustan Media

Neutral

263

1,928

1,016

1,138

24.3

25.2

27.3

30.1

9.6

8.7

1.8

1.6

16.2

15.8

1.2

1.1

Ventures

TV Today Network

Buy

285

385

1,702

637

743

27.5

18.4

21.4

15.5

13.4

2.7

2.3

17.4

17.2

2.3

1.9

Metals & Mining

Coal India

Neutral

306

192,965

84,638

94,297

21.4

22.3

24.5

27.1

12.5

11.3

5.2

4.9

42.6

46.0

1.8

1.6

Hind. Zinc

Neutral

281

118,584

14,252

18,465

55.9

48.3

15.8

21.5

17.8

13.1

2.9

2.5

17.0

20.7

8.3

6.4

Hindalco

Neutral

182

37,572

107,899

112,095

7.4

8.2

9.2

13.0

19.8

14.0

1.0

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

1,623

39,221

53,201

58,779

16.1

16.2

130.6

153.7

12.4

10.6

1.7

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

129

40,767

6,643

7,284

44.4

47.7

7.1

7.7

18.2

16.7

1.6

1.5

8.8

9.2

3.9

3.5

SAIL

Neutral

22,695

47,528

53,738

(0.7)

2.1

(1.9)

2.6

21.1

0.6

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

247

73,169

71,744

81,944

19.2

21.7

13.4

20.1

18.4

12.3

1.6

1.4

8.4

11.3

1.4

1.1

Tata Steel

Neutral

424

41,180

121,374

121,856

7.2

8.4

18.6

34.3

22.8

12.4

1.4

1.3

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

266

49,899

9,127

10,632

4.3

20.6

8.8

11.7

30.2

22.8

1.0

0.9

3.3

4.2

6.9

5.8

GAIL

Neutral

429

54,386

56,220

65,198

9.3

10.1

27.1

33.3

15.8

12.9

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

311

266,332

137,222

152,563

15.0

21.8

19.5

24.1

16.0

12.9

1.4

1.3

8.5

10.1

2.2

2.0

Indian Oil Corp

Neutral

296

143,492

373,359

428,656

5.9

5.5

54.0

59.3

5.5

5.0

0.9

0.8

16.0

15.6

0.5

Reliance Industries

Neutral

1,028

333,356

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

638

12,029

3,483

4,083

20.2

21.4

24.3

30.4

26.3

21.0

6.0

4.8

25.5

25.3

3.4

2.8

Alkem Laboratories Ltd

Buy

1,624

1,989

19,417

6,043

6,893

18.7

19.3

80.5

88.8

20.2

18.3

4.5

3.7

22.3

20.3

3.2

2.7

Aurobindo Pharma

Buy

715

877

41,863

15,720

18,078

23.7

41.4

47.3

17.3

15.1

4.5

3.5

29.6

26.1

2.9

2.5

Aventis*

Neutral

4,294

9,890

2,277

2,597

17.3

18.3

149.4

172.0

28.7

25.0

4.8

3.8

25.1

28.8

4.0

3.3

www.angelbroking.com

Stock Watch

December 13, 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Cadila Healthcare

Neutral

391

40,003

10,429

12,318

22.6

22.0

16.9

19.2

23.1

20.4

5.9

4.7

28.5

25.7

3.8

3.1

Cipla

Reduce

574

490

46,153

15,378

18,089

17.4

18.4

21.6

27.2

26.6

21.1

3.4

3.0

13.7

15.2

3.2

2.7

Dr Reddy's

Neutral

3,148

52,164

16,043

18,119

20.8

22.4

112.4

142.9

28.0

22.0

3.7

3.3

14.1

15.9

3.2

2.8

Dishman Pharma

Neutral

226

3,648

1,718

1,890

22.7

22.8

9.5

11.3

23.8

20.0

2.3

2.1

10.1

10.9

2.6

2.3

GSK Pharma*

Neutral

2,735

23,167

3,000

3,312

15.4

20.6

46.5

60.8

58.8

45.0

14.1

26.3

30.6

7.5

6.8

Indoco Remedies

Reduce

255

240

2,353

1,112

1,289

16.2

18.2

11.6

16.0

22.0

16.0

3.5

3.0

17.0

20.1

2.2

1.9

Ipca labs

Accumulate

542

613

6,839

3,303

3,799

15.3

17.3

19.7

31.3

27.5

2.7

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,503

1,809

67,752

15,912

18,644

26.4

26.7

58.1

69.3

25.9

21.7

5.0

4.1

21.4

20.9

4.3

3.6

Sun Pharma

Buy

676

847

162,765

31,129

35,258

32.0

32.9

30.2

35.3

22.4

19.2

3.7

3.0

20.0

20.1

4.8

4.0

Power

Tata Power

Neutral

20,731

36,916

39,557

17.4

27.1

5.1

6.3

15.0

12.2

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

165

136,421

86,605

95,545

17.5

20.8

11.8

13.4

14.0

12.4

1.4

1.3

10.5

11.1

2.9

Power Grid

Buy

185

223

96,732

25,315

29,193

88.2

88.7

14.2

17.2

13.1

10.8

2.0

1.7

15.2

16.1

8.5

7.6

Real Estate

Prestige Estate

Buy

153

210

5,730

4,707

5,105

25.2

26.0

10.3

13.0

14.8

11.8

1.2

1.1

10.3

10.2

2.4

2.1

MLIFE

Buy

357

522

1,465

1,152

1,300

22.7

24.6

29.9

35.8

11.9

10.0

0.9

0.8

7.6

8.6

2.0

1.7

Telecom

Bharti Airtel

Neutral

328

131,055

105,086

114,808

34.5

34.7

12.2

16.4

26.9

20.0

1.8

1.7

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

27,222

40,133

43,731

37.2

37.1

6.4

6.5

11.8

11.6

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,712

10,013

3,153

3,583

14.1

14.4

152.2

182.7

31.0

25.8

152.0

129.8

25.6

26.1

2.9

2.5

Asian Granito

Buy

211

351

636

1,071

1,182

12.1

12.4

12.7

16.0

16.6

13.2

1.6

1.4

9.5

10.7

0.9

0.8

Bajaj Electricals

Buy

218

274

2,205

4,801

5,351

5.7

6.2

10.4

13.7

20.9

16.0

2.6

2.3

12.4

14.5

0.5

0.4

Banco Products (India)

Neutral

187

1,340

1,353

1,471

12.3

12.4

14.5

16.3

12.9

11.5

17.8

16.1

14.5

14.6

0.9

99.5

Coffee Day Enterprises

Neutral

200

4,122

2,964

3,260

20.5

21.2

4.7

8.0

25.0

2.3

2.1

5.5

8.5

1.8

1.6

Ltd

Competent Automobiles Neutral

166

102

1,137

1,256

3.1

2.7

28.0

23.6

5.9

7.0

31.9

28.9

14.3

11.5

0.1

Elecon Engineering

Neutral

672

1,482

1,660

13.7

14.5

3.9

5.8

15.4

10.3

3.6

3.3

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

428

6,542

2,883

3,115

12.0

12.1

14.2

18.6

30.1

23.0

16.0

14.0

15.8

14.6

2.0

1.8

Garware Wall Ropes

Neutral

642

1,404

873

938

14.3

35.2

37.5

18.3

17.1

3.2

2.7

17.5

15.9

1.5

1.4

Goodyear India*

Neutral

725

1,672

1,598

1,704

10.4

10.2

49.4

52.6

14.7

13.8

67.7

59.4

18.2

17.0

0.7

101.8

Hitachi

Neutral

1,439

3,913

2,081

2,433

8.8

8.9

33.4

39.9

43.1

36.1

34.8

29.0

22.1

21.4

1.9

1.6

HSIL

Neutral

280

2,021

2,384

2,515

15.8

16.3

15.3

19.4

18.3

14.4

18.2

15.6

7.8

9.3

1.0

0.9

Interglobe Aviation

Neutral

828

29,838

21,122

26,005

14.5

27.6

110.7

132.1

7.5

6.3

44.8

32.0

168.5

201.1

1.4

1.1

www.angelbroking.com

Stock Watch

December 13, 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Jyothy Laboratories

Neutral

367

6,656

1,440

2,052

11.5

13.0

8.5

10.0

43.1

36.7

10.4

9.7

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

325

4,700

2,554

2,800

9.9

10.0

10.5

12.1

31.0

26.9

13.0

12.2

10.7

11.7

1.5

1.3

Ltd

Linc Pen & Plastics

Neutral

237

350

382

420

9.3

9.5

13.5

15.7

17.6

15.1

3.0

2.6

17.1

17.3

1.0

0.9

M M Forgings

Neutral

441

532

546

608

20.4

20.7

41.3

48.7

10.7

9.1

60.4

53.5

16.6

17.0

0.8

0.7

Manpasand Bever.

Neutral

551

3,150

836

1,087

19.6

19.4

16.9

23.8

32.6

23.1

3.9

3.4

12.0

14.8

3.5

2.6

Mirza International

Buy

107

1,014

987

1,106

18.0

6.5

7.6

12.9

11.1

2.1

1.8

15.9

15.7

1.2

1.1

MT Educare

Neutral

122

484

366

417

17.7

18.2

9.4

10.8

13.0

11.3

2.9

2.5

22.2

22.3

1.2

1.1

Narayana Hrudaya

Neutral

339

6,919

1,873

2,166

11.5

11.7

2.6

4.0

128.0

85.4

7.9

7.1

6.1

8.3

3.8

3.3

Navkar Corporation

Buy

177

265

2,529

369

561

42.9

42.3

7.2

11.5

24.6

15.4

1.8

1.6

7.4

10.5

7.9

5.2

Navneet Education

Neutral

109

2,589

1,062

1,147

24.0

6.1

6.6

17.8

16.4

3.7

3.3

20.6

19.8

2.5

2.3

Nilkamal

Neutral

1,347

2,010

1,995

2,165

10.7

10.4

69.8

80.6

19.3

16.7

77.0

66.9

16.6

16.5

1.0

0.9

Page Industries

Neutral

13,527

15,088

2,450

3,124

20.1

17.6

299.0

310.0

45.2

43.6

301.3

230.0

47.1

87.5

6.2

4.9

Parag Milk Foods

Neutral

276

2,322

1,919

2,231

9.3

9.6

9.5

12.9

29.2

21.4

4.5

3.7

15.5

17.5

1.4

1.2

Quick Heal

Neutral

284

1,989

408

495

27.3

27.0

7.7

8.8

36.7

32.3

3.4

9.3

10.6

4.0

3.3

Radico Khaitan

Buy

119

147

1,585

1,667

1,824

13.0

13.2

6.7

8.2

17.9

14.6

1.6

1.5

9.0

10.2

1.3

1.2

Relaxo Footwears

Neutral

408

4,892

2,085

2,469

9.2

8.2

7.6

8.0

53.9

51.3

20.9

17.8

17.9

18.8

2.4

2.1

S H Kelkar & Co.

Neutral

298

4,310

1,036

1,160

15.1

15.0

6.1

7.2

48.8

41.5

5.2

4.8

10.7

11.5

4.0

3.6

Siyaram Silk Mills

Accumulate

1,234

1,605

1,157

1,733

1,948

11.6

11.7

96.6

114.7

12.8

10.8

2.0

1.7

15.3

15.7

0.9

0.8

Styrolution ABS India*

Neutral

590

1,037

1,440

1,537

9.2

9.0

40.6

42.6

14.5

13.8

37.1

33.7

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

185

810

3,342

3,625

7.8

7.5

17.3

19.8

10.7

9.4

20.3

16.3

10.5

10.8

0.5

Team Lease Serv.

Neutral

871

1,489

3,229

4,001

1.5

1.8

22.8

32.8

38.3

26.5

4.1

3.6

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

166

667

287

384

20.5

7.6

10.7

21.9

15.5

4.6

3.7

20.7

23.5

2.3

1.7

Transport Corporation of

Neutral

171

1,309

2,671

2,911

8.5

8.8

13.9

15.7

12.3

10.9

1.7

1.5

13.7

13.8

0.6

India

TVS Srichakra

Neutral

3,498

2,678

2,304

2,614

13.7

13.8

231.1

266.6

15.1

13.1

393.0

309.5

33.9

29.3

1.2

1.0

UFO Moviez

Neutral

431

1,190

619

685

33.2

33.4

30.0

34.9

14.4

12.4

2.0

1.7

13.8

13.9

1.6

1.3

Visaka Industries

Neutral

192

304

1,051

1,138

10.3

10.4

21.0

23.1

9.1

8.3

24.6

23.0

9.0

9.2

0.6

0.5

VRL Logistics

Neutral

266

2,431

1,902

2,119

16.7

16.6

14.6

16.8

18.3

15.8

4.0

3.5

21.9

22.2

1.4

1.2

Wonderla Holidays

Neutral

336

1,896

287

355

38.0

40.0

11.3

14.2

29.7

23.6

4.3

3.7

21.4

23.9

6.3

5.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 12, 2016

www.angelbroking.com

Market Outlook

December 13, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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