Market Outlook
February 16, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a negative bias tracking SGX Nifty
BSE Sensex
(0.6)
(184)
28,156
U.S. markets closed at fresh highs Wednesday for a fifth-straight day as traders
Nifty
(0.8)
(68)
8,725
continued to bet on a pro-growth agenda under President Donald Trump.
Mid Cap
(1.2)
(155)
13,188
The majority of the European markets ended Wednesdays session with modest
Small Cap
(1.5)
(204)
13,235
gains. The markets got off to a positive start, but pared their early gains just before
Bankex
(0.7)
(153)
23,073
the open on Wall Street. They began to recover after the U.S. markets shrugged off
a flat opening and began to rise.
Global Indices
Chg (%)
(Pts)
(Close)
Indian markets fell for a second consecutive session on Wednesday, with a slew of
Dow Jones
0.5
107
20,612
disappointing corporate earnings, worrying WPI data and a weaker rupee weighing
Nasdaq
0.6
37
5,819
on markets.
FTSE
0.5
34
7,302
News Analysis
Nikkei
1.0
199
19,438
Review: Nestle India, IVRCL
Hang Seng
1.2
292
23,995
Detailed analysis on Pg2
Shanghai Com
(0.2)
(5)
3,213
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
674
302
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
2,176
1,364
Refer Pg5 onwards
Unchanged
153
56
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Volumes (` Cr)
Amara Raja Batteries Auto & Auto Ancillary
Buy
848
1,009
19.0
BSE
3,413
HCL Tech
IT
Buy
829
1,000
20.6
NSE
22,334
Power Grid Corp.
Power
Accumulate
201
223
10.8
Navkar Corp.
Others
Buy
159
265
66.5
Net Inflows (` Cr)
Net
Mtd
Ytd
KEI Industries
Others
Buy
174
207
19.2
More Top Picks on Pg3
FII
318
2,510
2,464
MFs
(12)
1,054
6,269
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Gainers
Price (`)
Chg (%)
Feb 16 US
Building permit
1228.0
1230.0
Escorts
407
5.9
Feb 16 US
Initial Jobless claims
234.0
245.0
Gruh
384
5.3
Feb 16 US
Housing starts
1226.0
1226.0
Igl
1,051
2.8
Feb 20 Euro Zone Euro Zone Consumer Confidence
-4.9
--
Jktyre
116
2.7
Feb 21 Germany PMI Services
53.4
--
More Events on Pg4
Shreecem
15,588
2.6
Top Losers
Price (`)
Chg (%)
Tatamotors
437
(10.3)
Intellect
111
(9.5)
Jpassociat
12
(7.0)
Dlf
137
(7.0)
Hdil
64
(6.9)
As on February 15, 2017
Market Outlook
February 16, 2017
News Analysis
Review
Nestle India Q4 net profit down 8.6% to `167.31cr
Sun FMCG major Nestle India on Wednesday reported a decline of 8.7% in
its
standalone net profit to
`167.3cr for the fourth quarter ended
December 31, 2016.The company, which follows January-December financial
year (FY), had posted a net profit of `183.2cr during the October-December
quarter of the last year.
However, net sales of the company during the quarter under review were up
16.2% to `2,261.3cr as against `1,946.4cr in the corresponding quarter of the
last FY, Nestle. Total expenses during the quarter under review moved up 15.9% to
`1,927.2cr as against `1,661.5cr in the year-ago period.
IVRCL Q3 loss narrows 18% to `249cr
Hyderabad-based construction company IVRCL, which is under strategic debt
restructuring (SDR), has reported a 18.5% decline in a net loss at `249.3cr as
compared to a net loss of `307.2cr in the corresponding quarter previous year.
Total income from operations during the quarter under review declined 11.2% at
`397.9cr from `448.1cr in the corresponding previous quarter.
Total expenses fell 19% to `479.9cr from `590.2 cr in the year ago period. For the
nine-month period ending December 2016, the company's net losses decreased to
`755.6cr as compared to `802.3cr in the year ago period. The accumulated
losses stood at `2,768.1cr for the 9-month period.
Economic and Political News
Record wheat, foodgrain output likely in 2016-17
I-T Dept to scrutinise tax relief claims by sick companies
Govt plans to auction 280 mines in FY18
Corporate News
Reliance Jio crosses 100 mn customers: Mukesh Ambani
DLF net debt up 5.43% to `24,397cr on lower sales
Maruti Suzuki launches Ertiga limited edition
Market Outlook
February 16, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
14,481
848
1,009
19.0
technological products leading to market share gains in both
the automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,17,031
829
1,000
20.6
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,25,640
982
1,249
27.1
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,38,046
1,480
1,634
10.4
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
64,642
1,432
1,809
26.3
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong
Power Grid Corporation
1,05,286
201
223
10.8
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
805
267
351
31.3
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,536
251
295
17.8
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
5,297
555
634
14.3
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
9,218
294
350
18.9
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
5,799
173
235
35.9
adequate CAR. ROE & ROA likely to remain decent as risk of
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
6,125
187
225
20.1
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,351
174
207
19.2
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,421
346
522
50.8
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,067
89
107
20.7
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,270
159
265
66.5
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,603
269
385
43.2
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
February 16, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Feb 16, 2017 7:00 PM US
Building permits
Thousands
Jan
1228.00
1230.00
7:00 PM US
Initial Jobless claims
Thousands
Feb 11
234.00
245.00
7:00 PM US
Housing Starts
Thousands
Jan
1226.00
1226.00
Feb 20, 2017 8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Feb A
-4.90
Feb 21, 2017 2:00 PM Germany PMI Services
Value
Feb P
53.40
2:00 PM Germany PMI Manufacturing
Value
Feb P
56.40
Feb 22, 2017 3:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Jan F
1.80
8:30 PM US
Existing home sales
Million
Jan
5.49
5.55
3:00 PM UK
GDP (YoY)
% Change
4Q P
2.20
Feb 23, 2017 12:30 PM Germany GDP nsa (YoY)
% Change
4Q F
1.20
Feb 24, 2017 8:30 PM US
New home sales
Thousands
Jan
536.00
575.00
Feb 28, 2017 8:30 PM US
Consumer Confidence
S.A./ 1985=100 Feb
111.80
111.00
2:25 PM Germany Unemployment change (000's)
Thousands
Feb
-26.00
Mar 01, 2017 7:00 PM US
GDP Qoq (Annualised)
% Change
4Q S
1.90
2.00
3:00 PM UK
PMI Manufacturing
Value
Feb
55.90
6:30 AM China
PMI Manufacturing
Value
Feb
51.30
March 07, 2017 3:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q F
0.40
Mar 08, 2017
China
Exports YoY%
% Change
Feb
7.90
Mar 09, 2017 7:00 AM China
Consumer Price Index (YoY)
% Change
Feb
2.50
6:15 PM Euro Zone ECB announces interest rates
%
Mar 9
-
Mar 10, 2017 3:00 PM UK
Industrial Production (YoY)
% Change
Jan
4.30
5:30 PM India
Industrial Production YoY
% Change
Jan
(0.40)
7:00 PM US
Unnemployment rate
%
Feb
4.80
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Feb
5.25
Mar 14, 2017
US
Producer Price Index (mom)
% Change
Feb
1.10
Source: Bloomberg, Angel Research
Market Outlook
February 16, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
7.0
8.3
5.7
7.9
6.0
8.0
7.5
7.5
7.6
7.2
7.1
7.3
5.0
6.6
6.7
4.0
7.0
6.4
3.0
2.2
5.8
1.9
6.0
2.0
1.3
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.4)
(0.7)
(2.0)
3.0
(1.3)
(3.0)
(1.8)
(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
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
4.0
3.6
3.4
3.2
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
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
4.00
(20.0)
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
February 16, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.2
1.7
1.5
2.0
1.0
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
February 16, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
67,976
6.8
13.9
63.3
Russia
Micex
2,137
(2.4)
5.3
18.3
India
Nifty
8,725
3.9
7.6
20.9
China
Shanghai Composite
3,213
1.8
1.5
19.7
South Africa
Top 40
45,411
(2.0)
3.2
5.3
Mexico
Mexbol
47,162
2.1
4.1
8.4
Indonesia
LQ45
894
1.3
1.8
6.6
Malaysia
KLCI
1,710
2.1
3.8
4.0
Thailand
SET 50
985
0.1
4.0
20.6
USA
Dow Jones
20,612
3.7
9.4
25.6
UK
FTSE
7,302
(0.3)
8.1
22.3
Japan
Nikkei
19,438
1.8
12.1
15.6
Germany
DAX
11,794
2.1
10.6
25.2
France
CAC
4,925
0.9
9.4
15.9
Source: Bloomberg, Angel Research
Stock Watch
February 16, 2017
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
239
-
4,655
1,937
2,164
13.3
14.3
9.0
11.0
26.6
21.8
4.6
4.0
18.4
19.8
2.4
2.2
United Phosphorus
Neutral
709
-
35,955
15,176
17,604
18.5
18.5
37.4
44.6
19.0
15.9
3.7
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
93
111
26,452
20,021
21,915
11.6
11.9
4.5
5.3
20.7
17.5
4.2
3.8
20.6
21.5
1.3
1.1
Bajaj Auto
Neutral
2,790
-
80,733
25,093
27,891
19.5
19.2
143.9
162.5
19.4
17.2
5.4
4.7
30.3
29.4
2.9
2.6
Bharat Forge
Neutral
1,018
-
23,704
7,726
8,713
20.5
21.2
35.3
42.7
28.9
23.9
5.3
4.8
18.9
20.1
3.1
2.7
Eicher Motors
Neutral
24,750
-
67,330
16,583
20,447
17.5
18.0
598.0
745.2
41.4
33.2
14.1
10.8
41.2
38.3
3.9
3.1
Gabriel India
Accumulate
114
130
1,633
1,544
1,715
9.0
9.3
5.4
6.3
21.1
18.0
4.0
3.5
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,098
3,446
61,872
28,083
30,096
15.3
15.7
171.8
187.0
18.0
16.6
6.3
5.3
30.1
27.9
2.0
1.8
Jamna Auto Industries Neutral
196
-
1,561
1,486
1,620
9.8
9.9
15.0
17.2
13.1
11.4
2.9
2.4
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
550
-
863
1,302
1,432
11.6
11.9
43.7
53.0
12.6
10.4
1.8
1.6
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,301
-
80,826
46,534
53,077
11.6
11.7
67.3
78.1
19.3
16.7
3.1
2.7
15.4
15.8
1.7
1.5
Maruti
Accumulate
5,861
6,560
177,034
67,822
83,288
16.0
16.4
253.8
312.4
23.1
18.8
5.3
4.3
23.0
22.9
2.3
1.8
Minda Industries
Neutral
374
-
2,964
2,728
3,042
9.0
9.1
68.2
86.2
5.5
4.3
1.2
1.0
23.8
24.3
1.1
1.0
Motherson Sumi
Neutral
343
-
48,158
45,896
53,687
7.8
8.3
13.0
16.1
26.3
21.3
8.5
6.8
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
956
-
757
511
562
11.3
11.5
28.1
30.9
34.0
30.9
5.2
4.7
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
35
-
465
741
837
13.0
13.0
15.2
17.0
2.3
2.0
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
437
-
126,041
300,209
338,549
8.9
8.4
42.7
54.3
10.2
8.1
1.6
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
411
-
19,507
13,390
15,948
6.9
7.1
12.8
16.5
32.2
24.8
8.0
6.3
26.3
27.2
1.5
1.2
Amara Raja Batteries
Buy
848
1,009
14,481
5,305
6,100
16.0
16.3
28.4
34.0
29.9
24.9
5.8
4.8
19.3
19.3
2.7
2.4
Exide Industries
Neutral
208
-
17,714
7,439
8,307
15.0
15.0
8.1
9.3
25.7
22.4
3.6
3.2
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
174
235
8,857
12,877
14,504
14.3
13.9
21.4
23.0
8.1
7.6
1.3
1.1
16.4
15.2
0.9
0.8
Ceat
Buy
1,086
1,450
4,391
7,524
8,624
13.0
12.7
131.1
144.3
8.3
7.5
1.5
1.3
19.8
18.6
0.7
0.6
JK Tyres
Neutral
116
-
2,634
7,455
8,056
15.0
15.0
21.8
24.5
5.3
4.7
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,370
-
1,702
660
810
15.2
16.4
54.5
72.8
25.1
18.8
7.8
7.1
31.5
39.2
2.4
1.9
Subros
Neutral
198
-
1,190
1,488
1,681
11.7
11.9
6.4
7.2
31.0
27.7
3.3
3.0
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
167
-
439
286
326
19.8
16.8
11.7
13.3
14.3
12.6
2.4
2.3
17.8
17.1
1.2
1.1
Capital Goods
ACE
Neutral
54
-
537
709
814
4.1
4.6
1.4
2.1
38.8
25.8
1.6
1.5
4.4
6.0
0.9
0.8
BEML
Neutral
1,256
-
5,232
3,451
4,055
6.3
9.2
31.4
57.9
40.0
21.7
2.4
2.2
6.3
10.9
1.6
1.4
Bharat Electronics
Neutral
1,525
-
34,053
8,137
9,169
16.8
17.2
58.7
62.5
26.0
24.4
4.0
3.6
44.6
46.3
3.2
2.8
Stock Watch
February 16, 2017
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
338
407
11,172
6,511
7,514
7.9
8.7
12.9
16.3
26.2
20.7
4.7
4.1
16.7
18.5
1.5
1.2
BGR Energy
Neutral
138
-
994
16,567
33,848
6.0
5.6
7.8
5.9
17.7
23.4
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
152
-
37,228
28,797
34,742
-
2.8
2.3
6.9
66.1
22.0
1.1
1.1
1.3
4.8
0.9
0.7
Blue Star
Accumulate
555
634
5,297
4,283
5,077
5.9
7.3
14.9
22.1
37.3
25.1
7.2
6.1
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
65
-
4,086
5,777
6,120
5.9
7.0
3.3
4.5
19.8
14.5
0.9
0.8
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
138
-
3,376
1,755
1,881
16.8
16.9
7.8
8.5
17.7
16.3
3.5
3.3
20.6
20.9
1.6
1.5
Inox Wind
Neutral
172
-
3,818
5,605
6,267
15.7
16.4
24.8
30.0
6.9
5.7
1.9
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
159
-
4,095
9,294
10,186
7.9
8.1
9.9
11.9
16.1
13.4
2.4
2.1
15.6
16.3
0.7
0.6
KEI Industries
Buy
174
207
1,351
2,682
3,058
10.4
10.0
11.7
12.8
14.8
13.6
3.0
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
843
-
10,050
5,421
5,940
7.3
7.3
25.7
30.2
32.8
27.9
4.0
3.6
12.2
13.1
1.7
1.6
VATech Wabag
Buy
487
681
2,655
3,136
3,845
8.9
9.1
26.0
35.9
18.7
13.6
2.3
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,442
-
27,082
11,225
13,172
13.2
16.9
44.5
75.5
32.4
19.1
3.1
2.8
11.2
14.2
2.4
2.1
Ambuja Cements
Neutral
235
-
46,663
9,350
10,979
18.2
22.5
5.8
9.5
40.5
24.7
3.4
3.1
10.2
12.5
5.0
4.3
India Cements
Neutral
153
-
4,700
4,364
4,997
18.5
19.2
7.9
11.3
19.4
13.5
1.4
1.4
8.0
8.5
1.8
1.6
JK Cement
Neutral
823
-
5,751
4,398
5,173
15.5
17.5
31.2
55.5
26.4
14.8
3.2
2.7
12.0
15.5
1.9
1.5
J K Lakshmi Cement
Neutral
381
-
4,484
2,913
3,412
14.5
19.5
7.5
22.5
50.8
16.9
3.1
2.6
12.5
18.0
2.1
1.8
Orient Cement
Neutral
132
-
2,698
2,114
2,558
18.5
20.5
8.1
11.3
16.3
11.7
2.4
2.0
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,677
-
100,916
25,768
30,385
21.0
23.5
111.0
160.0
33.1
23.0
4.2
3.7
13.5
15.8
4.0
3.3
Construction
ITNL
Neutral
102
-
3,370
8,946
10,017
31.0
31.6
8.1
9.1
12.7
11.3
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
177
-
2,490
1,385
1,673
14.7
14.0
41.2
48.5
4.3
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,480
1,634
138,046
111,017
124,908
11.0
11.0
61.1
66.7
24.2
22.2
2.9
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
165
-
7,960
705
788
52.2
51.7
5.0
5.6
32.9
29.4
3.3
2.9
11.2
11.2
10.9
9.3
Nagarjuna Const.
Neutral
81
-
4,478
8,842
9,775
9.1
8.8
5.3
6.4
15.2
12.6
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
103
143
2,650
2,350
2,904
13.1
13.2
9.0
8.8
11.5
11.7
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
311
-
1,539
6,829
7,954
10.5
10.5
31.4
37.4
9.9
8.3
1.0
0.9
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
445
-
654
1,801
2,219
12.7
14.6
72.1
113.9
6.2
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
276
298
4,728
3,598
4,140
10.3
10.6
9.0
11.9
30.6
23.2
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
286
-
17,172
7,428
9,549
7.9
8.6
8.2
11.0
34.9
26.0
1.7
1.4
28.2
28.7
2.0
1.5
MEP Infra
Neutral
39
-
629
1,877
1,943
30.6
29.8
3.0
4.2
12.9
9.2
6.2
4.2
0.6
0.6
1.7
1.6
Stock Watch
February 16, 2017
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
SIPL
Neutral
97
-
3,399
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.1
(22.8)
(15.9)
11.5
9.6
Engineers India
Neutral
146
-
9,822
1,725
1,935
16.0
19.1
11.4
13.9
12.8
10.5
1.8
1.7
13.4
15.3
4.6
4.1
Financials
Axis Bank
Buy
488
580
116,693
46,932
53,575
3.5
3.4
32.4
44.6
15.1
10.9
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
163
-
37,604
19,980
23,178
1.8
1.8
11.5
17.3
14.2
9.4
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
293
-
15,882
15,225
16,836
1.8
1.8
14.5
28.0
20.2
10.5
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Accumulate
1,993
2,128
5,305
420
526
3.5
3.5
86.5
107.8
23.0
18.5
5.0
4.1
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
985
1,230
15,398
2,012
2,317
6.3
6.3
42.7
53.6
23.1
18.4
3.7
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
294
350
9,218
2,225
2,688
2.9
2.9
29.7
34.6
9.9
8.5
1.6
1.4
16.1
16.8
-
-
Equitas Holdings
Buy
173
235
5,799
939
1,281
11.7
11.5
5.8
8.2
29.8
21.1
2.6
2.3
10.9
11.5
-
-
Federal Bank
Accumulate
81
85
13,920
8,259
8,995
3.0
3.0
4.3
5.6
18.8
14.5
1.6
1.5
8.5
10.1
-
-
HDFC
Neutral
1,398
-
221,601
11,475
13,450
3.4
3.4
45.3
52.5
30.9
26.6
6.0
5.3
20.2
20.5
-
-
HDFC Bank
Neutral
1,322
-
337,621
46,097
55,433
4.5
4.5
58.4
68.0
22.6
19.5
4.0
3.3
18.8
18.6
-
-
ICICI Bank
Accumulate
281
315
163,359
42,800
44,686
3.1
3.3
18.0
21.9
15.6
12.8
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
147
174
2,815
3,339
3,799
2.7
2.8
11.0
14.0
13.4
10.5
1.4
1.3
11.2
12.7
-
-
LIC Housing Finance
Accumulate
550
630
27,736
3,712
4,293
2.6
2.5
39.0
46.0
14.1
12.0
2.6
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
140
-
29,749
23,532
23,595
2.3
2.4
6.8
12.6
20.6
11.1
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
396
-
14,628
1,783
2,309
2.6
2.6
12.7
16.4
31.2
24.1
3.4
3.0
12.8
13.3
-
-
South Ind.Bank
Neutral
23
-
3,055
6,435
7,578
2.5
2.5
2.7
3.1
8.4
7.3
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
269
-
214,208
88,650
98,335
2.6
2.6
13.5
18.8
19.9
14.3
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
142
-
9,741
13,450
14,925
2.3
2.3
25.5
34.5
5.6
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,431
-
60,547
8,978
11,281
3.3
3.4
74.0
90.0
19.3
15.9
3.7
3.1
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
981
-
94,131
17,128
18,978
16.8
16.4
19.1
20.7
51.4
47.4
17.9
16.9
34.8
35.5
5.4
4.9
Britannia
Accumulate
3,195
3,626
38,334
9,594
11,011
14.6
14.9
80.3
94.0
39.8
34.0
16.4
12.6
41.2
-
3.9
3.3
Colgate
Accumulate
882
995
23,985
4,605
5,149
23.4
23.4
23.8
26.9
37.1
32.8
20.5
16.0
64.8
66.8
5.1
4.6
Dabur India
Accumulate
265
304
46,654
8,315
9,405
19.8
20.7
8.1
9.2
32.7
28.8
9.1
7.6
31.6
31.0
5.3
4.6
GlaxoSmith Con*
Neutral
5,115
-
21,513
4,350
4,823
21.2
21.4
179.2
196.5
28.6
26.0
7.6
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,610
-
54,821
10,235
11,428
18.4
18.6
41.1
44.2
39.2
36.4
8.7
7.3
24.9
24.8
5.4
4.8
HUL
Neutral
849
-
183,725
35,252
38,495
17.8
17.8
20.7
22.4
41.1
37.9
39.3
33.7
95.6
88.9
5.1
4.6
ITC
Neutral
273
-
331,398
40,059
44,439
38.3
39.2
9.0
10.1
30.5
27.0
8.5
7.4
27.8
27.5
7.8
7.0
Stock Watch
February 16, 2017
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
Marico
Accumulate
265
300
34,169
6,430
7,349
18.8
19.5
6.4
7.7
41.4
34.4
12.5
10.5
33.2
32.5
5.1
4.4
Nestle*
Neutral
6,174
-
59,523
10,073
11,807
20.7
21.5
124.8
154.2
49.5
40.0
20.3
18.3
34.8
36.7
5.7
4.9
Tata Global
Neutral
139
-
8,757
8,675
9,088
9.8
9.8
7.4
8.2
18.8
16.9
2.1
2.0
7.9
8.1
0.9
0.9
Procter & Gamble
Neutral
7,020
-
22,787
2,939
3,342
23.2
23.0
146.2
163.7
48.0
42.9
107.5
103.1
25.3
23.5
7.3
6.3
Hygiene
IT
HCL Tech^
Buy
829
1,000
117,031
49,242
57,168
20.5
20.5
55.7
64.1
14.9
12.9
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
982
1,249
225,640
68,350
77,326
27.0
27.0
62.5
69.4
15.7
14.2
3.4
3.1
21.3
21.6
2.7
2.4
TCS
Accumulate
2,416
2,620
475,996
119,025
133,308
27.6
27.6
131.2
145.5
18.4
16.6
6.0
5.5
32.4
33.1
3.8
3.3
Tech Mahindra
Buy
496
600
48,218
29,673
32,937
15.5
17.0
32.8
39.9
15.1
12.4
3.0
2.6
19.6
20.7
1.4
1.2
Wipro
Buy
475
583
115,369
55,440
60,430
18.1
18.1
36.1
38.9
13.2
12.2
2.4
2.2
19.0
17.6
1.8
1.6
Media
D B Corp
Neutral
377
-
6,925
2,297
2,590
27.4
28.2
21.0
23.4
17.9
16.1
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
83
-
1,925
2,693
2,991
12.6
12.9
7.9
9.0
10.5
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
187
225
6,125
2,355
2,635
28.0
28.0
10.8
12.5
17.3
15.0
3.8
3.3
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
719
-
28,333
2,850
3,265
70.1
71.0
26.2
30.4
27.4
23.7
7.0
6.2
24.3
25.6
9.5
8.2
Hindustan Media
Neutral
267
-
1,961
1,016
1,138
24.3
25.2
27.3
30.1
9.8
8.9
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
269
385
1,603
637
743
27.5
27.5
18.4
21.4
14.6
12.6
2.6
2.2
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
320
-
198,668
84,638
94,297
21.4
22.3
24.5
27.1
13.1
11.8
5.4
5.2
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
293
-
123,865
14,252
18,465
55.9
48.3
15.8
21.5
18.6
13.6
3.0
2.6
17.0
20.7
8.7
6.7
Hindalco
Neutral
185
-
38,120
107,899
112,095
7.4
8.2
9.2
13.0
20.1
14.2
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
184
-
44,368
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
136
-
43,029
6,643
7,284
44.4
47.7
7.1
7.7
19.2
17.7
1.7
1.6
8.8
9.2
4.2
3.8
SAIL
Neutral
59
-
24,368
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.7
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
248
-
73,421
71,744
81,944
19.2
21.7
13.4
20.1
18.5
12.3
1.6
1.4
8.4
11.3
1.4
1.1
Tata Steel
Neutral
460
-
44,686
121,374
121,856
7.2
8.4
18.6
34.3
24.7
13.4
1.5
1.4
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
275
-
51,502
9,127
10,632
4.3
20.6
8.8
11.7
31.2
23.5
1.0
1.0
3.3
4.2
7.1
5.9
GAIL
Neutral
494
-
62,701
56,220
65,198
9.3
10.1
27.1
33.3
18.2
14.8
1.7
1.6
9.3
10.7
1.3
1.1
ONGC
Neutral
195
-
249,607
137,222
152,563
15.0
21.8
19.5
24.1
10.0
8.1
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
369
-
179,280
373,359
428,656
5.9
5.5
54.0
59.3
6.8
6.2
1.1
1.0
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,051
-
340,869
301,963
358,039
12.1
12.6
87.7
101.7
12.0
10.3
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
546
-
10,291
3,483
4,083
20.2
21.4
24.3
30.4
22.5
18.0
5.1
4.1
25.5
25.3
2.9
2.4
Stock Watch
February 16, 2017
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
Alkem Laboratories Ltd
Neutral
1,977
-
23,638
6,050
6,839
18.7
19.8
80.0
88.7
24.7
22.3
5.5
4.7
22.4
20.9
3.9
3.4
Aurobindo Pharma
Buy
636
877
37,226
15,720
18,078
23.7
23.7
41.4
47.3
15.4
13.5
4.0
3.1
29.6
26.1
2.6
2.2
Aventis*
Neutral
4,094
-
9,430
2,277
2,597
17.3
18.3
149.4
172.0
27.4
23.8
4.5
3.7
25.1
28.8
3.8
3.1
Cadila Healthcare
Accumulate
358
400
36,655
10,429
12,318
22.6
22.0
16.9
19.2
21.2
18.7
5.4
4.3
28.5
25.7
3.5
2.9
Cipla
Sell
573
465
46,121
15,378
18,089
15.7
16.8
19.3
24.5
29.7
23.4
3.5
3.1
12.3
13.9
3.2
2.7
Dr Reddy's
Neutral
2,910
-
48,208
16,043
18,119
20.8
22.4
112.4
142.9
25.9
20.4
3.5
3.0
14.1
15.9
3.0
2.6
Dishman Pharma
Neutral
208
-
3,360
1,718
1,890
22.7
22.8
9.5
11.3
21.9
18.4
2.1
1.9
10.1
10.9
2.4
2.1
GSK Pharma*
Neutral
2,678
-
22,687
2,800
3,290
10.2
20.6
32.2
60.3
83.2
44.4
15.4
15.2
17.2
34.5
7.9
6.7
Indoco Remedies
Reduce
263
240
2,425
1,112
1,289
16.2
18.2
11.6
16.0
22.7
16.5
3.6
3.1
17.0
20.1
2.3
1.9
Ipca labs
Buy
520
613
6,566
3,303
3,799
15.3
15.3
17.3
19.7
30.1
26.4
2.6
2.4
9.1
9.4
2.1
1.8
Lupin
Buy
1,432
1,809
64,642
15,912
18,644
26.4
26.7
58.1
69.3
24.7
20.7
4.8
3.9
21.4
20.9
4.1
3.4
Sun Pharma
Buy
623
847
149,351
31,129
35,258
32.0
32.9
30.2
35.3
20.6
17.6
3.4
2.8
20.0
20.1
4.4
3.7
Power
Tata Power
Neutral
82
-
22,098
36,916
39,557
17.4
27.1
5.1
6.3
16.0
13.0
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
169
-
139,307
86,605
95,545
17.5
20.8
11.8
13.4
14.3
12.6
1.5
1.4
10.5
11.1
3.0
2.9
Power Grid
Accumulate
201
223
105,286
25,315
29,193
88.2
88.7
14.2
17.2
14.2
11.7
2.2
1.9
15.2
16.1
8.8
7.9
Real Estate
Prestige Estate
Buy
170
210
6,373
4,707
5,105
25.2
26.0
10.3
13.0
16.5
13.1
1.3
1.2
10.3
10.2
2.5
2.2
MLIFE
Buy
346
522
1,421
1,152
1,300
22.7
24.6
29.9
35.8
11.6
9.7
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
365
-
146,045
105,086
114,808
34.5
34.7
12.2
16.4
30.0
22.3
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
107
-
38,588
40,133
43,731
37.2
37.1
6.4
6.5
16.7
16.5
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,423
-
9,399
3,153
3,583
14.1
14.4
152.2
182.7
29.1
24.2
142.7
121.9
25.6
26.1
2.7
2.3
Asian Granito
Buy
267
351
805
1,060
1,169
12.2
12.5
12.7
15.9
21.1
16.8
2.0
1.8
9.5
10.7
1.1
0.9
Bajaj Electricals
Buy
251
295
2,536
4,801
5,351
5.7
6.2
10.4
13.7
24.0
18.3
3.0
2.7
12.4
14.5
0.5
0.5
Banco Products (India)
Neutral
193
-
1,381
1,353
1,471
12.3
12.4
14.5
16.3
13.3
11.8
18.4
16.6
14.5
14.6
1.0
102.9
Coffee Day Enterprises
Neutral
236
-
4,851
2,964
3,260
20.5
21.2
4.7
8.0
-
29.4
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
174
-
107
1,137
1,256
3.1
2.7
28.0
23.6
6.2
7.4
33.5
30.3
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
53
-
595
1,482
1,660
13.7
14.5
3.9
5.8
13.6
9.1
3.2
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
438
-
6,695
2,883
3,115
12.0
12.1
14.2
18.6
30.8
23.5
16.4
14.3
15.8
14.6
2.0
1.8
Garware Wall Ropes
Neutral
610
-
1,335
873
938
14.3
14.3
35.2
37.5
17.4
16.3
3.0
2.6
17.5
15.9
1.4
1.3
Goodyear India*
Neutral
711
-
1,639
1,598
1,704
10.4
10.2
49.4
52.6
14.4
13.5
66.4
58.3
18.2
17.0
0.7
98.6
Stock Watch
February 16, 2017
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
Hitachi
Neutral
1,329
-
3,614
2,081
2,433
8.8
8.9
33.4
39.9
39.8
33.3
32.1
26.8
22.1
21.4
1.7
1.5
HSIL
Neutral
286
-
2,065
2,384
2,515
15.8
16.3
15.3
19.4
18.7
14.7
18.6
16.0
7.8
9.3
1.0
0.9
Interglobe Aviation
Neutral
820
-
29,631
21,122
26,005
14.5
27.6
110.7
132.1
7.4
6.2
44.3
31.7
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
356
-
6,459
1,440
2,052
11.5
13.0
8.5
10.0
41.8
35.6
10.1
9.4
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
346
-
5,004
2,554
2,800
9.9
10.0
10.5
12.1
33.0
28.6
13.8
13.0
10.7
11.7
1.6
1.4
Ltd
Linc Pen & Plastics
Neutral
257
-
380
382
420
9.3
9.5
13.5
15.7
19.1
16.4
3.3
2.8
17.1
17.3
1.1
1.0
M M Forgings
Neutral
450
-
543
546
608
20.4
20.7
41.3
48.7
10.9
9.2
61.7
54.6
16.6
17.0
0.8
0.8
Manpasand Bever.
Neutral
684
-
3,912
836
1,087
19.6
19.4
16.9
23.8
40.5
28.7
4.9
4.2
12.0
14.8
4.4
3.3
Mirza International
Buy
89
107
1,067
1,024
1,148
18.0
18.0
6.9
8.0
12.9
11.0
2.2
1.8
16.6
16.3
1.2
1.1
MT Educare
Neutral
103
-
411
366
417
17.7
18.2
9.4
10.8
11.0
9.6
2.4
2.1
22.2
22.3
1.0
0.9
Narayana Hrudaya
Neutral
322
-
6,579
1,873
2,166
11.5
11.7
2.6
4.0
121.7
81.2
7.5
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
159
265
2,270
369
561
42.9
42.3
7.2
11.5
22.0
13.8
1.6
1.5
7.4
10.5
7.2
4.7
Navneet Education
Neutral
143
-
3,340
1,062
1,147
24.0
24.0
6.1
6.6
23.5
21.6
4.8
4.3
20.6
19.8
3.2
3.0
Nilkamal
Neutral
1,675
-
2,500
1,995
2,165
10.7
10.4
69.8
80.6
24.0
20.8
95.7
83.2
16.6
16.5
1.2
1.1
Page Industries
Neutral
14,219
-
15,860
2,450
3,124
20.1
17.6
299.0
310.0
47.6
45.9
316.7
241.8
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
214
-
1,798
1,919
2,231
9.3
9.6
9.5
12.9
22.6
16.5
3.5
2.9
15.5
17.5
1.1
0.9
Quick Heal
Neutral
250
-
1,753
408
495
27.3
27.0
7.7
8.8
32.3
28.4
3.0
3.0
9.3
10.6
3.4
2.9
Radico Khaitan
Buy
120
147
1,599
1,667
1,824
13.0
13.2
6.7
8.2
18.1
14.7
1.6
1.5
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
422
-
5,071
2,085
2,469
9.2
8.2
7.6
8.0
55.8
53.1
21.7
18.5
17.9
18.8
2.5
2.2
S H Kelkar & Co.
Neutral
309
-
4,467
1,036
1,160
15.1
15.0
6.1
7.2
50.6
43.0
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Neutral
1,666
-
1,562
1,652
1,857
11.6
11.7
92.4
110.1
18.0
15.1
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
596
-
1,049
1,440
1,537
9.2
9.0
40.6
42.6
14.7
14.0
37.5
34.1
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
184
-
807
3,342
3,625
7.8
7.5
17.3
19.8
10.7
9.3
20.2
16.2
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
860
-
1,471
3,229
4,001
1.5
1.8
22.8
32.8
37.8
26.2
4.1
3.5
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
174
-
696
287
384
20.5
20.5
7.6
10.7
22.8
16.2
4.8
3.9
20.7
23.5
2.4
1.8
Transport Corporation of
Neutral
189
-
1,445
2,671
2,911
8.5
8.8
13.9
15.7
13.6
12.1
1.9
1.7
13.7
13.8
0.6
0.6
India
TVS Srichakra
Neutral
3,060
-
2,343
2,304
2,614
13.7
13.8
231.1
266.6
13.2
11.5
343.8
270.7
33.9
29.3
1.0
0.9
UFO Moviez
Neutral
405
-
1,119
619
685
33.2
33.4
30.0
34.9
13.5
11.6
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
212
-
337
1,051
1,138
10.3
10.4
21.0
23.1
10.1
9.2
27.2
25.5
9.0
9.2
0.6
0.6
Stock Watch
February 16, 2017
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
VRL Logistics
Neutral
295
-
2,692
1,902
2,119
16.7
16.6
14.6
16.8
20.3
17.5
4.4
3.9
21.9
22.2
1.5
1.3
Wonderla Holidays
Neutral
372
-
2,103
287
355
38.0
40.0
11.3
14.2
32.9
26.2
4.7
4.1
21.4
23.9
7.0
5.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 15, 2017
Market Outlook
February 16, 2017
Research Team Tel: 022 - 39357800
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