Market Outlook

December 14, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

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

BSE Sensex

0.7

183

26,698

US Markets moved mostly higher during trading on Tuesday, extending the upward

Nifty

0.6

8,222

trend seen over the past several weeks. With the advance, all three of the major

Mid Cap

(0.4)

(54)

12,342

averages reached new record closing highs. The markets continued to benefit from

Small Cap

(0.1)

(8)

12,223

recent upward momentum amid optimism following President-elect Donald Trump's

Bankex

0.5

102

21,156

surprise victory last month.

European markets closed higher on Tuesday as investors focused on the upcoming

Global Indices

Chg (%)

(Pts)

(Close)

meeting of the Federal Reserve and digested better-than-expected data out from

Dow Jones

0.6

115

19,911

China.

Nasdaq

0.9

5,464

Indian markets closed higher on Tuesday after seeing initial volatility. However,

FTSE

1.1

6,969

caution prevailed ahead of the U.S. Federal Reserve's monetary policy decision on

Wednesday. The Fed is widely expected to increase interest rates by 25 basis points,

Nikkei

(0.1)

(26)

19,225

reflecting the first rate hike in a year.

Hang Seng

0.7

161

22,608

Shanghai Com

(0.0)

(0)

3,155

News Analysis

 Delay in Halol plant resolution to hurt Sun Pharma's FY18 profit

Advances / Declines

BSE

NSE

Detailed analysis on Pg2

Advances

1,301

786

Investor’s Ready Reckoner

Declines

1,317

824

Key Domestic & Global Indicators

Unchanged

176

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Volumes (` Cr)

BSE

2,060

Top Picks

CMP

Target

Upside

NSE

18,049

Company

Sector

Rating

(`)

(%)

Amara Raja Batt. Auto & Auto Ancill.

Buy

906

1,167

28.8

Net Inflows (` Cr)

Net

Mtd

Ytd

Alkem Laboratories Pharmaceuticals

Buy

1,640

1,989

21.3

HCL Tech

Buy

800

1,000

25.0

FII

334

833

28,110

Power Grid Corp. Power

Buy

185

223

20.4

MFs

(222)

411

38,596

Navkar Corp.

Others

Buy

175

265

51.4

More Top Picks on Pg3

Top Gainers

Price (`)

Chg (%)

Key Upcoming Events

Den

17.4

Consensus

Date

Region

Event Description

Mindtree

492

5.1

Reading

Expectations

Ktkbank

113

4.9

Dec 14 UK

Jobless claims change

9.80

6.50

Dec 14 India

Monthly Wholesale Prices YoY%

3.39

3.10

Tvsmotor

382

4.3

Dec 14 US

Industrial Production

0.04

(0.20)

Jindalstel

3.8

Dec 13 US

Producer Price Index (mom)

0.40

More Events on Pg4

Top Losers

Price (`)

Chg (%)

Vakrangee

269

(5.5)

Ramcocem

533

(5.0)

Bergepaint

200

(4.2)

Kajariacer

482

(3.9)

Cholafin

835

(3.7)

As on December 14, 2016

www.angelbroking.com

Market Outlook

December 14, 2016

News Analysis

Delay in Halol plant resolution to hurt Sun Pharma's FY18 profit

A delay in resolution of quality control issues at the Halol plant will adversely

impact Sun Pharma's FY18 profit. Halol plant is key for Sun Pharma and it

contributed in high single digits to its US sales before it was issued a warning letter

last December. Last week the FDA raised fresh concerns about the plant following

an inspection. The violations listed by the FDA after its latest inspection at Halol

include problems with Sun's quality control system, some of which were also cited

by the U.S. health regulator in its warning letter issued to Sun in December 2015.

They also listed a lack of proper maintenance of important records related to the

manufacturing process and cited concerns about the accuracy of some of the drug

testing methods employed. Other findings included delays in informing the agency

of contamination or failure of drug batches. The Halol plant has been under

regulatory scanner since September 2014 when it received 483 observations.

Subsequently, no new product approvals have been granted from the plant.

Remediation measures undertaken to restore compliance also hit supplies from the

plant impacting the overall sales. Following the issuance of warning letter last

December, Sun Pharma managing director Dilip Shanghvi had indicated that the

company's main focus would be to restore compliance rather than site transfers

(that is shifting production to other facilities).

Sun Pharma has hired third-party consultants and senior professionals in quality

and compliance apart from investing in technology as a part of remediation

efforts.

Economic and Political News

 Demonetisation pain may reduce by Jan 10; FM hints at tax cut

 Nov CPI inflation cools to two-year low of 3.63%

 Q2 current account deficit at 0.6% of GDP

Corporate News

 Tata Sons buys 1.73% stake in Tata Motors

 Singh brothers may sell 26% stake in Fortis: Reports

 NTPC enters wind power space, partners with Inox Wind

www.angelbroking.com

Market Outlook

December 14, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

15,478

906

1,167

28.8

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

19,609

1,640

1,989

21.3

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

1,12,825

800

1,000

25.0

all the bad news.

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

Infosys

2,27,409

990

1,249

26.1

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Tourbo

1,28,188

1,375

1,634

18.8

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

67,270

1,492

1,809

21.2

which is also one of the largest among the generic

companies.

Going forward, we expect the company to report strong

Power Grid Corporation

96,889

185

223

20.4

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

642

214

351

64.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,201

218

274

25.7

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

4,529

475

634

33.5

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

7,686

246

350

42.5

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

5,119

153

235

53.9

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

5,562

170

225

32.2

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

revenue growth.

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

1,500

366

522

42.8

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

997

107

29.1

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

2,496

175

265

51.4

ICD as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,167

1,245

1,605

29.0

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

1,678

281

385

36.9

and anticipated growth in ad spends by corporate to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

December 14, 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 ZoneEuro-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 14, 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 14, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

59,281

(5.7)

0.6

33.4

Russia

Micex

2,247

8.6

9.9

28.1

India

Nifty

8,222

(3.1)

(8.4)

5.0

China

Shanghai Composite

3,155

(0.6)

2.8

(10.9)

South Africa

Top 40

44,171

(1.6)

(4.3)

0.1

Mexico

Mexbol

46,870

(3.2)

(1.0)

11.7

Indonesia

LQ45

890

(3.4)

(1.8)

13.3

Malaysia

KLCI

1,645

(0.5)

(2.7)

(1.4)

Thailand

SET 50

957

0.9

2.9

9.4

USA

Dow Jones

19,911

7.8

9.2

14.4

FTSE

6,969

3.5

4.4

15.0

Japan

Nikkei

19,251

11.0

13.2

(3.5)

Germany

DAX

11,285

5.1

7.1

6.9

France

CAC

4,804

5.1

8.5

4.3

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

December 14, 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

203

3,939

1,937

2,164

13.3

14.3

9.0

11.0

22.5

18.4

3.9

3.4

18.4

19.8

2.0

1.8

United Phosphorus

Neutral

679

34,443

15,176

17,604

18.5

37.4

44.6

18.2

15.2

3.6

3.0

21.4

21.2

2.4

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

22,184

22,407

26,022

10.6

5.2

6.4

14.9

12.1

3.4

2.9

23.6

24.7

1.1

0.9

Bajaj Auto

Neutral

2,659

76,954

25,093

27,891

19.5

19.2

143.9

162.5

18.5

16.4

5.2

4.5

30.3

29.4

2.8

2.4

Bharat Forge

Neutral

998

23,228

7,726

8,713

20.5

21.2

35.3

42.7

28.3

23.4

5.2

4.7

18.9

20.1

3.0

2.6

Eicher Motors

Neutral

22,334

60,662

16,583

20,447

17.5

18.0

598.0

745.2

37.4

30.0

12.8

9.7

41.2

38.3

3.5

2.7

Gabriel India

Buy

108

130

1,550

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

3,202

3,541

63,939

30,958

34,139

15.7

193.6

208.3

16.5

15.4

6.5

5.4

34.2

30.5

1.9

1.7

Jamna Auto Industries Neutral

170

1,356

1,486

1,620

9.8

9.9

15.0

17.2

11.3

9.9

2.5

2.1

21.8

21.3

1.0

0.9

L G Balakrishnan & Bros Neutral

596

935

1,302

1,432

11.6

11.9

43.7

53.0

13.6

11.3

1.9

1.8

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,169

72,587

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

5,161

6,006

155,899

68,057

82,958

15.8

15.5

212.1

261.2

24.3

19.8

4.8

4.0

19.8

20.3

2.0

1.5

Minda Industries

Neutral

311

2,465

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

326

45,772

45,896

53,687

7.8

8.3

13.0

16.1

25.0

20.3

8.1

6.4

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

1,010

799

511

562

11.3

11.5

28.1

30.9

35.9

32.7

5.5

5.0

15.3

15.0

1.7

1.5

Setco Automotive

Neutral

478

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

470

135,800

300,209

338,549

8.9

8.4

42.7

54.3

11.0

8.7

1.8

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

382

18,146

13,390

15,948

6.9

7.1

12.8

16.5

29.9

23.1

7.4

5.9

26.3

27.2

1.3

1.1

Amara Raja Batteries

Buy

906

1,167

15,478

5,504

6,605

17.6

17.5

33.4

40.9

27.1

22.2

6.0

4.9

22.1

22.0

2.8

2.3

Exide Industries

Neutral

173

14,675

7,439

8,307

15.0

8.1

9.3

21.3

18.6

3.0

2.7

14.3

16.7

1.6

1.4

Apollo Tyres

Buy

197

235

10,023

12,877

14,504

14.3

13.9

21.4

23.0

9.2

8.6

1.4

1.2

16.4

15.2

0.9

Ceat

Buy

1,251

1,450

5,061

7,524

8,624

13.0

12.7

131.1

144.3

9.5

8.7

1.8

1.5

19.8

18.6

0.7

JK Tyres

Neutral

119

2,701

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

1,360

1,689

660

810

15.2

16.4

54.5

72.8

25.0

18.7

7.8

7.1

31.5

39.2

2.3

1.9

Subros

Neutral

164

986

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

181

476

286

326

19.8

16.8

11.7

13.3

15.5

13.6

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

35.1

23.4

1.5

1.4

4.4

6.0

0.8

0.7

BEML

Neutral

912

3,799

3,451

4,055

6.3

9.2

31.4

57.9

29.1

15.8

1.7

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Neutral

1,474

32,916

8,137

9,169

16.8

17.2

58.7

62.5

25.1

23.6

3.9

3.5

44.6

46.3

3.1

2.8

www.angelbroking.com

Stock Watch

December 14, 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

321

407

10,607

6,511

7,514

7.9

8.7

12.9

16.3

24.9

19.7

4.5

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

126

30,779

28,797

34,742

2.8

2.3

6.9

54.7

18.2

0.9

1.3

4.8

0.7

0.5

Blue Star

Buy

475

634

4,529

4,283

5,077

5.9

7.3

14.9

22.1

31.9

21.5

6.2

5.2

20.4

26.4

1.1

0.9

Crompton Greaves

Neutral

3,764

5,777

6,120

5.9

7.0

3.3

4.5

18.2

13.3

0.8

4.4

5.9

0.6

0.5

Greaves Cotton

Neutral

126

3,066

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

205

4,544

5,605

6,267

15.7

16.4

24.8

30.0

8.3

6.8

2.3

1.7

25.9

24.4

0.8

0.7

KEC International

Neutral

139

3,574

9,294

10,186

7.9

8.1

9.9

11.9

14.0

11.7

2.1

1.8

15.6

16.3

0.6

Thermax

Neutral

825

9,833

5,421

5,940

7.3

25.7

30.2

32.1

27.3

3.9

3.6

12.2

13.1

1.7

1.6

VATech Wabag

Buy

483

681

2,631

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

1,337

25,102

11,225

13,172

13.2

16.9

44.5

75.5

30.0

17.7

2.8

2.6

11.2

14.2

2.3

1.9

Ambuja Cements

Neutral

207

41,023

9,350

10,979

18.2

22.5

5.8

9.5

35.6

21.8

3.0

2.7

10.2

12.5

4.4

3.8

India Cements

Neutral

116

3,566

4,364

4,997

18.5

19.2

7.9

11.3

14.7

10.3

1.1

1.0

8.0

8.5

1.6

1.4

JK Cement

Neutral

713

4,989

4,398

5,173

15.5

17.5

31.2

55.5

22.9

12.9

2.7

2.4

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Buy

360

565

4,237

2,913

3,412

14.5

19.5

7.5

22.5

48.0

16.0

3.0

2.5

12.5

18.0

2.1

1.7

Orient Cement

Buy

130

215

2,663

2,114

2,558

18.5

20.5

8.1

11.3

16.1

11.5

2.4

2.0

9.0

14.0

1.9

1.5

UltraTech Cement

Neutral

3,363

92,295

25,768

30,385

21.0

23.5

111.0

160.0

30.3

21.0

3.9

3.4

13.5

15.8

3.8

3.1

Construction

ITNL

Neutral

103

3,397

8,946

10,017

31.0

31.6

8.1

9.1

12.8

11.4

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

171

2,400

1,385

1,673

14.7

14.0

41.2

48.5

4.1

3.5

0.8

0.7

14.9

15.2

1.7

1.4

Larsen & Toubro

Buy

1,375

1,634

128,188

111,017

124,908

11.0

61.1

66.7

22.5

20.6

2.7

2.5

13.1

12.9

2.2

2.0

Gujarat Pipavav Port

Neutral

140

6,754

705

788

52.2

51.7

5.0

5.6

27.9

25.0

2.8

2.5

11.2

9.1

7.7

Nagarjuna Const.

Neutral

4,620

8,842

9,775

9.1

8.8

5.3

6.4

15.7

13.0

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Buy

105

143

2,682

2,350

2,904

13.1

13.2

9.0

8.8

11.6

11.9

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

287

1,418

6,829

7,954

10.5

31.4

37.4

9.1

7.7

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

463

682

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

275

298

4,710

3,598

4,140

10.3

10.6

9.0

11.9

30.5

23.1

3.2

2.8

9.9

11.9

1.6

1.3

NBCC

Neutral

228

13,650

7,428

9,549

7.9

8.6

8.2

11.0

27.7

20.7

1.4

1.1

28.2

28.7

1.6

1.2

MEP Infra

Neutral

638

1,877

1,943

30.6

29.8

3.0

4.2

13.1

9.4

6.3

4.3

0.6

1.7

1.5

SIPL

Neutral

3,258

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.5

4.0

(22.8)

(15.9)

11.3

9.4

www.angelbroking.com

Stock Watch

December 14, 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

313

10,543

1,725

1,935

16.0

19.1

11.4

13.9

27.5

22.5

3.8

3.7

13.4

15.3

5.0

4.5

Financials

Axis Bank

Buy

452

630

107,965

46,932

53,575

3.5

3.4

32.4

44.6

14.0

10.1

1.8

1.6

13.6

16.5

Bank of Baroda

Neutral

160

36,959

19,980

23,178

1.8

11.5

17.3

14.0

9.3

1.6

1.3

8.3

10.1

Canara Bank

Neutral

305

16,559

15,225

16,836

1.8

14.5

28.0

21.0

10.9

1.5

1.2

5.8

8.5

Dewan Housing Finance Buy

246

350

7,686

2,225

2,688

2.9

29.7

34.6

8.3

7.1

1.3

1.1

16.1

16.8

Equitas Holdings

Buy

153

235

5,120

939

1,281

11.7

11.5

5.8

8.2

26.3

18.6

2.3

2.0

10.9

11.5

Federal Bank

Neutral

12,173

9,353

10,623

2.9

4.4

5.8

16.1

12.2

1.5

1.4

9.5

11.0

HDFC

Neutral

1,277

201,881

11,475

13,450

3.4

45.3

52.5

28.2

24.3

5.4

4.8

20.2

20.5

HDFC Bank

Accumulate

1,186

1,350

300,214

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

154,062

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

550

630

27,777

3,712

4,293

2.6

2.5

39.0

46.0

14.1

12.0

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

129

27,547

23,532

23,595

2.3

2.4

6.8

12.6

19.0

10.3

2.9

2.1

3.3

6.5

RBL Bank

Neutral

345

12,740

1,783

2,309

2.6

12.7

16.4

27.1

21.0

3.0

2.6

12.8

13.3

South Ind.Bank

Neutral

2,964

6,435

7,578

2.5

2.7

3.1

8.1

7.1

1.1

0.9

10.1

11.2

St Bk of India

Neutral

266

206,102

88,650

98,335

2.6

13.5

18.8

19.7

14.1

1.9

1.6

7.0

8.5

Union Bank

Neutral

142

9,779

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

1,207

50,800

8,978

11,281

3.3

3.4

74.0

90.0

16.3

13.4

3.1

2.6

17.0

17.2

FMCG

Asian Paints

Neutral

909

87,186

17,128

18,978

16.8

16.4

19.1

20.7

47.6

43.9

16.6

15.6

34.8

35.5

5.0

4.5

Britannia

Buy

2,937

3,626

35,241

9,594

11,011

14.6

14.9

80.3

94.0

36.6

31.3

15.0

11.6

41.2

3.6

3.1

Colgate

Accumulate

913

995

24,830

4,605

5,149

23.4

23.8

26.9

38.4

33.9

21.2

16.6

64.8

66.8

5.3

4.7

Dabur India

Accumulate

281

304

49,441

8,315

9,405

19.8

20.7

8.1

9.2

34.7

30.6

9.7

8.0

31.6

31.0

5.5

4.8

GlaxoSmith Con*

Neutral

5,068

21,312

4,350

4,823

21.2

21.4

179.2

196.5

28.3

25.8

7.5

6.4

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

830

179,578

35,252

38,495

17.8

20.7

22.4

40.2

37.1

38.4

32.9

95.6

88.9

5.0

4.5

ITC

Buy

235

284

284,026

40,059

44,439

38.3

39.2

9.0

10.1

26.2

23.2

7.3

6.4

27.8

27.5

6.5

5.9

Marico

Buy

252

300

32,487

6,430

7,349

18.8

19.5

6.4

7.7

39.3

32.7

11.9

10.0

33.2

32.5

4.9

4.2

Nestle*

Neutral

6,327

61,007

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 14, 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

6,800

7,369

22,073

2,939

3,342

23.2

23.0

146.2

163.7

46.5

41.5

104.1

99.9

25.3

23.5

7.0

6.1

Hygiene

HCL Tech^

Buy

800

1,000

112,825

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

990

1,249

227,409

68,350

77,326

27.0

62.5

69.4

15.8

14.3

3.4

3.1

21.3

21.6

2.7

2.4

TCS

Buy

2,201

2,620

433,662

119,025

133,308

27.6

131.2

145.5

16.8

15.1

5.4

5.0

32.4

33.1

3.4

3.0

Tech Mahindra

Buy

484

600

46,987

29,673

32,937

15.5

17.0

32.8

39.9

14.8

12.1

2.9

2.5

19.6

20.7

1.3

1.1

Wipro

Buy

464

590

112,689

55,440

60,430

18.1

35.9

39.9

12.9

11.6

2.3

2.1

19.0

19.3

1.7

1.6

Media

D B Corp

Neutral

361

6,633

2,297

2,590

27.4

28.2

21.0

23.4

17.2

15.4

4.0

3.5

23.7

23.1

2.7

2.3

HT Media

Neutral

1,708

2,693

2,991

12.6

12.9

7.9

9.0

9.3

8.2

0.8

0.7

7.8

8.3

0.2

0.1

Jagran Prakashan

Buy

170

225

5,562

2,355

2,635

28.0

10.8

12.5

15.8

13.6

3.4

3.0

21.7

2.4

2.1

Sun TV Network

Neutral

496

19,558

2,850

3,265

70.1

71.0

26.2

30.4

18.9

16.3

4.9

4.3

24.3

25.6

6.5

5.5

Hindustan Media

Neutral

267

1,957

1,016

1,138

24.3

25.2

27.3

30.1

9.8

8.9

1.9

1.7

16.2

15.8

1.2

1.1

Ventures

TV Today Network

Buy

281

385

1,678

637

743

27.5

18.4

21.4

15.3

13.2

2.7

2.3

17.4

17.2

2.3

1.9

Metals & Mining

Coal India

Neutral

306

193,123

84,638

94,297

21.4

22.3

24.5

27.1

12.5

11.3

5.2

5.0

42.6

46.0

1.8

1.6

Hind. Zinc

Neutral

278

117,464

14,252

18,465

55.9

48.3

15.8

21.5

17.6

12.9

2.9

2.5

17.0

20.7

8.3

6.4

Hindalco

Neutral

177

36,478

107,899

112,095

7.4

8.2

9.2

13.0

19.2

13.6

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

1,632

39,453

53,201

58,779

16.1

16.2

130.6

153.7

12.5

10.6

1.7

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

128

40,577

6,643

7,284

44.4

47.7

7.1

7.7

18.1

16.7

1.6

1.5

8.8

9.2

3.9

3.5

SAIL

Neutral

22,323

47,528

53,738

(0.7)

2.1

(1.9)

2.6

20.8

0.6

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

240

71,138

71,744

81,944

19.2

21.7

13.4

20.1

17.9

11.9

1.5

1.4

8.4

11.3

1.4

1.1

Tata Steel

Neutral

421

40,854

121,374

121,856

7.2

8.4

18.6

34.3

22.6

12.3

1.4

1.3

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

263

49,215

9,127

10,632

4.3

20.6

8.8

11.7

29.8

22.4

1.0

0.9

3.3

4.2

6.9

5.8

GAIL

Neutral

424

53,796

56,220

65,198

9.3

10.1

27.1

33.3

15.7

12.7

1.4

1.3

9.3

10.7

1.2

1.0

ONGC

Neutral

312

266,803

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

301

146,163

373,359

428,656

5.9

5.5

54.0

59.3

5.6

5.1

0.9

0.8

16.0

15.6

0.5

Reliance Industries

Neutral

1,040

337,182

301,963

358,039

12.1

12.6

87.7

101.7

11.9

10.2

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

625

11,775

3,483

4,083

20.2

21.4

24.3

30.4

25.7

20.6

5.9

4.7

25.5

25.3

3.4

2.8

Alkem Laboratories Ltd

Buy

1,640

1,989

19,609

6,043

6,893

18.7

19.3

80.5

88.8

20.4

18.5

4.5

3.8

22.3

20.3

3.2

2.7

Aurobindo Pharma

Buy

718

877

42,027

15,720

18,078

23.7

41.4

47.3

17.4

15.2

4.5

3.5

29.6

26.1

2.9

2.5

Aventis*

Neutral

4,284

9,867

2,277

2,597

17.3

18.3

149.4

172.0

28.7

24.9

4.8

3.8

25.1

28.8

4.0

3.3

www.angelbroking.com

Stock Watch

December 14, 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

383

39,245

10,429

12,318

22.6

22.0

16.9

19.2

22.7

20.0

5.8

4.6

28.5

25.7

3.8

3.1

Cipla

Reduce

578

490

46,462

15,378

18,089

17.4

18.4

21.6

27.2

26.8

21.3

3.5

3.0

13.7

15.2

3.2

2.7

Dr Reddy's

Neutral

3,165

52,442

16,043

18,119

20.8

22.4

112.4

142.9

28.2

22.2

3.8

3.3

14.1

15.9

3.2

2.8

Dishman Pharma

Neutral

226

3,644

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

2,730

23,124

3,000

3,312

15.4

20.6

46.5

60.8

58.7

44.9

14.1

14.0

26.3

30.6

7.5

6.8

Indoco Remedies

Reduce

261

240

2,408

1,112

1,289

16.2

18.2

11.6

16.0

22.5

16.3

3.6

3.0

17.0

20.1

2.2

1.9

Ipca labs

Accumulate

540

613

6,816

3,303

3,799

15.3

17.3

19.7

31.2

27.4

2.7

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,492

1,809

67,270

15,912

18,644

26.4

26.7

58.1

69.3

25.7

21.5

5.0

4.1

21.4

20.9

4.3

3.6

Sun Pharma

Buy

683

847

164,377

31,129

35,258

32.0

32.9

30.2

35.3

22.6

19.4

3.7

3.0

20.0

20.1

4.8

4.0

Power

Tata Power

Neutral

20,988

36,916

39,557

17.4

27.1

5.1

6.3

15.2

12.3

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

165

135,968

86,605

95,545

17.5

20.8

11.8

13.4

14.0

12.3

1.4

1.3

10.5

11.1

2.9

Power Grid

Buy

185

223

96,889

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

158

210

5,929

4,707

5,105

25.2

26.0

10.3

13.0

15.4

12.2

1.2

1.1

10.3

10.2

2.4

2.1

MLIFE

Buy

366

522

1,500

1,152

1,300

22.7

24.6

29.9

35.8

12.2

10.2

0.9

7.6

8.6

2.0

1.7

Telecom

Bharti Airtel

Neutral

330

131,854

105,086

114,808

34.5

34.7

12.2

16.4

27.0

20.1

1.8

1.7

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

27,708

40,133

43,731

37.2

37.1

6.4

6.5

12.0

11.8

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,721

10,032

3,153

3,583

14.1

14.4

152.2

182.7

31.0

25.8

152.3

130.1

25.6

26.1

2.9

2.5

Asian Granito

Buy

214

351

642

1,071

1,182

12.1

12.4

12.7

16.0

16.8

13.4

1.6

1.4

9.5

10.7

0.9

0.8

Bajaj Electricals

Buy

218

274

2,201

4,801

5,351

5.7

6.2

10.4

13.7

20.9

15.9

2.6

2.3

12.4

14.5

0.5

0.4

Banco Products (India)

Neutral

191

1,366

1,353

1,471

12.3

12.4

14.5

16.3

13.2

11.7

18.2

16.4

14.5

14.6

0.9

99.5

Coffee Day Enterprises

Neutral

200

4,121

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

170

105

1,137

1,256

3.1

2.7

28.0

23.6

6.1

7.2

32.7

29.6

14.3

11.5

0.1

Elecon Engineering

Neutral

687

1,482

1,660

13.7

14.5

3.9

5.8

15.7

10.6

3.7

3.4

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

419

6,410

2,883

3,115

12.0

12.1

14.2

18.6

29.5

22.5

15.7

13.7

15.8

14.6

2.0

1.8

Garware Wall Ropes

Neutral

645

1,412

873

938

14.3

35.2

37.5

18.4

17.2

3.2

2.7

17.5

15.9

1.5

1.4

Goodyear India*

Neutral

722

1,666

1,598

1,704

10.4

10.2

49.4

52.6

14.6

13.7

67.5

59.2

18.2

17.0

0.7

101.8

Hitachi

Neutral

1,496

4,067

2,081

2,433

8.8

8.9

33.4

39.9

44.8

37.5

36.1

30.1

22.1

21.4

1.9

1.6

HSIL

Neutral

282

2,036

2,384

2,515

15.8

16.3

15.3

19.4

18.4

14.5

18.3

15.7

7.8

9.3

1.0

0.9

Interglobe Aviation

Neutral

816

29,414

21,122

26,005

14.5

27.6

110.7

132.1

7.4

6.2

44.1

31.5

168.5

201.1

1.4

1.1

www.angelbroking.com

Stock Watch

December 14, 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

370

6,726

1,440

2,052

11.5

13.0

8.5

10.0

43.6

37.0

10.6

9.8

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

232

343

382

420

9.3

9.5

13.5

15.7

17.2

14.8

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

569

3,256

836

1,087

19.6

19.4

16.9

23.8

33.7

23.9

4.0

3.5

12.0

14.8

3.5

2.6

Mirza International

Buy

107

997

987

1,106

18.0

6.5

7.6

12.7

10.9

2.1

1.7

15.9

15.7

1.2

1.1

MT Educare

Neutral

122

486

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

337

6,888

1,873

2,166

11.5

11.7

2.6

4.0

127.4

85.0

7.8

7.1

6.1

8.3

3.8

3.3

Navkar Corporation

Buy

175

265

2,496

369

561

42.9

42.3

7.2

11.5

24.2

15.2

1.8

1.6

7.4

10.5

7.9

5.2

Navneet Education

Neutral

109

2,604

1,062

1,147

24.0

6.1

6.6

17.9

16.5

3.7

3.3

20.6

19.8

2.5

2.3

Nilkamal

Neutral

1,332

1,988

1,995

2,165

10.7

10.4

69.8

80.6

19.1

16.5

76.1

66.1

16.6

16.5

1.0

0.9

Page Industries

Neutral

13,656

15,231

2,450

3,124

20.1

17.6

299.0

310.0

45.7

44.1

304.1

232.2

47.1

87.5

6.2

4.9

Parag Milk Foods

Neutral

274

2,303

1,919

2,231

9.3

9.6

9.5

12.9

29.0

21.2

4.5

3.7

15.5

17.5

1.4

1.2

Quick Heal

Neutral

274

1,917

408

495

27.3

27.0

7.7

8.8

35.4

31.1

3.3

9.3

10.6

4.0

3.3

Radico Khaitan

Buy

120

147

1,595

1,667

1,824

13.0

13.2

6.7

8.2

18.0

14.6

1.6

1.5

9.0

10.2

1.3

1.2

Relaxo Footwears

Neutral

416

4,991

2,085

2,469

9.2

8.2

7.6

8.0

55.0

52.3

21.3

18.2

17.9

18.8

2.4

2.1

S H Kelkar & Co.

Neutral

309

4,471

1,036

1,160

15.1

15.0

6.1

7.2

50.6

43.1

5.4

5.0

10.7

11.5

4.0

3.6

Siyaram Silk Mills

Accumulate

1,245

1,605

1,167

1,733

1,948

11.6

11.7

96.6

114.7

12.9

10.9

2.0

1.7

15.3

15.7

0.9

0.8

Styrolution ABS India*

Neutral

583

1,025

1,440

1,537

9.2

9.0

40.6

42.6

14.4

13.7

36.7

33.3

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

182

798

3,342

3,625

7.8

7.5

17.3

19.8

10.5

9.2

20.0

16.1

10.5

10.8

0.5

Team Lease Serv.

Neutral

872

1,491

3,229

4,001

1.5

1.8

22.8

32.8

38.3

26.6

4.1

3.6

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

172

689

287

384

20.5

7.6

10.7

22.6

16.1

4.7

3.8

20.7

23.5

2.3

1.7

Transport Corporation of

Neutral

180

1,376

2,671

2,911

8.5

8.8

13.9

15.7

13.0

11.5

1.8

1.6

13.7

13.8

0.6

India

TVS Srichakra

Neutral

3,484

2,668

2,304

2,614

13.7

13.8

231.1

266.6

15.1

13.1

391.5

308.2

33.9

29.3

1.2

1.0

UFO Moviez

Neutral

427

1,178

619

685

33.2

33.4

30.0

34.9

14.2

12.2

2.0

1.7

13.8

13.9

1.6

1.3

Visaka Industries

Neutral

191

304

1,051

1,138

10.3

10.4

21.0

23.1

9.1

8.3

24.5

23.0

9.0

9.2

0.6

0.5

VRL Logistics

Neutral

268

2,444

1,902

2,119

16.7

16.6

14.6

16.8

18.4

15.9

4.0

3.5

21.9

22.2

1.4

1.2

Wonderla Holidays

Neutral

327

1,846

287

355

38.0

40.0

11.3

14.2

28.9

23.0

4.1

3.6

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 13, 2016

www.angelbroking.com

Market Outlook

December 14, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

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co-managed public offering of securities of the company covered by Analyst during the past twelve months.

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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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