Market Outlook
May 23, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on flat note tracking the SGX Nifty and Global
BSE Sensex
0.3
106
30,571
markets.
Nifty
0.1
10
9,438
The US markets closed higher on Monday for a third session of gains, recovering
Mid Cap
(1.2)
(177)
14,467
most of losses in the last week as tech and industrial stocks rallied in a day marked
Small Cap
(1.1)
(173)
15,054
by lighter than usual volume. The Dow Jones Industrial Average finished up 0.4%, to
20,895. The S&P 500 index rose 0.5%, to close at 2,394 and Nasdaq Composite
Bankex
(0.6)
(159)
25,700
Index rose 0.8%, to finish at 6,134.
Global Indices
Chg (%)
(Pts)
(Close)
The UK markets began the week higher as the pound fluctuated around the $1.30
mark. The FTSE 100 ended 0.34%, higher at 7,496.
Dow Jones
0.4
190
20,895
Nasdaq
0.8
50
6,134
On the domestic turf, benchmark BSE Sensex rose by 106 points following a rally in
FMCG, consumer durables and capital goods stocks after the GST Council finalized
FTSE
0.3
26
7,496
rates for bulk of the goods and services last week. The 30-share index closed at
Nikkei
(00.4
88
19,678
30,571 points, up by 0.35% over the last close. The 50 share Nifty index gained
Hang Seng
0.9
216
25,391
0.11% to end at 9,438.
Shanghai Com
(0.5)
(15)
3,076
News Analysis
Advances / Declines
BSE
NSE
GAIL 4QFY17 PAT declines by 69%
Detailed analysis on Pg2
Advances
1,889
1,498
Declines
1,886
1,190
Investor’s Ready Reckoner
Unchanged
158
99
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg6 onwards
#BSE
4,135
Top Picks
NSE
22,604
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
646
760
17.6
#Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Fin. Financials
Buy
404
520
28.7
FII
(56360
( 5,271
47,283
Mahindra Lifespace Real Estate
Buy
425
522
22.8
MFs
8230
2,591
23,273
Navkar Corporation Others
Buy
213
265
24.6
KEI Industries
Capital Goods
Accumulate
214
239
11.7
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Unitdspr
2,050
6.7
Key Upcoming Events
Itc
304
6.2
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Wabag
688
2.5
May 23, 2017 Germany GDP nsa (YoY)
2.90
2.90
Adanitrans
108
2.5
May 23, 2017 US
New home sales
621.00
610.00
Mothersumi
433
2.4
May 23, 2017 Germany PMI Manufacturing
58.20
58.00
May 23, 2017 Germany PMI Services
55.40
55.50
May 24, 2017 US
Existing home sales
5.71
5.65
Top Losers
Price (`)
Chg (%)
May 25, 2017 US
GDP Qoq (Annualised)
0.70
0.90
Videoind
281
(19.4)
More Events on Pg5
Bankindia
158
(11.2)
Vrllog
305
(8.5)
Jpassociat
11
(8.3)
Jetairways
477
(8.1)
#as on May 22, 2017
Market Outlook
May 23, 2017
News Analysis
GAIL 4QFY17 PAT declines by 69%
GAIL India has reported yoy 69% per cent decline in its 4QFY17 PAT to ₹260cr.
The fall in PAT was due to impairment of investments of ₹783cr in the Ratnagiri
Gas and Power Pvt Ltd. The LNG terminal there is running at 1.5-2 mt capacity
while the power plant is running at 500 MW capacity. The company has already
started producing power in one block. The company has indicated that the
impairment was necessary as per the accounting standards.
Without the impairment of investments in RGPPL, GAIL’s net profit for 4QFY17
stood at ₹1,043cr, 25 per cent higher on yoy basis.The Ratnagiri gas-based power
plant has been running lower than its 2,000 MW generation capacity. This is due
to the high cost of power produced from gas-based generation facilities. The
investment impairment has been due to the lower offtake and generation.
Economic and Political News
Public debt dips 1.9% to `60.66 lakh cr in Q4 FY17
Expect Nifty to touch 11,180 by Q3 of 2018: Factor LLC
GST to have minimal impact on CPI Index: Morgan Stanley
Oil rebounds, as OPEC talks up cutting supply into 2018
RBI may issue framework for bringing NPA ordinance online within 15 days
Indian IT firms struggle to generate revenue from digital businesses
IT industry sees 24% fall in hiring in April: Survey
Corporate News
GST: FMCG cos offer goodies, retailers not interested
Tata Sons appoints Birla’s Saurabh Agrawal as group CFO
No "royalties holiday" for Adani: Queensland govt
Maruti Swift beats Alto as best selling model in April
Bank of India Q4 net loss narrows to `1,046cr as NPA provisions fall
Zuari Agro Chemicals approves `1,300cr to revamp ammonia-urea plants
Market Outlook
May 23, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Tata Motors Ltd Consol - May 23, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
80,251
79,926
0.4
66,855
20.0
EBITDA
8,214
11,387
(27.9)
5,161
59.1
EBITDA margin (%)
10.2
14.2
7.7
Net profit
2,548
4,573
(44.3)
(2,605)
0.0
Jindal Steel & Power Ltd Consol - May 23, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
6,319
4,743
33.2
5,297
19.3
EBITDA
1,442
689
109.2
1,299
11.0
EBITDA margin (%)
22.8
14.5
24.5
Net profit
(395)
(371)
0.0
(407)
0.0
Lupin Ltd Consol - May 24, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
4,431
4,091
8.3
4,405
0.6
EBITDA
1,141
1,367
(16.6)
1,216
(6.2)
EBITDA margin (%)
25.7
33.4
27.6
Net profit
646
807
(20.0)
633
2.0
Bharat Forge Ltd - May 24, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,079
987
9.3
919
17.4
EBITDA
311
298
4.2
261
19.2
EBITDA margin (%)
28.8
30.2
28.3
Net profit
164
165
(0.4)
129
27.4
Adani Port & SEZ Ltd - May 24, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
2304
1947
18.3
2227
3.5
EBITDA
1412
1225
15.3
1371
3.0
EBITDA margin (%)
61.3
62.9
61.6
Net profit
929
914
1.6
850
9.3
Ashok Leyland Ltd - May 25, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
6,469
5,893
9.8
4,335
49.2
EBITDA
728
753
(3.3)
454
60.2
EBITDA margin (%)
11.3
12.8
10.5
Net profit
425
77
451.7
186
128.6
Market Outlook
May 23, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership
in acute therapeutic segment. Alkem expects to launch
Alkem Laboratories
22,359
1,870
2,257
20.7
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,093
363
405
11.5
owing to better product mix, higher B2C sales and
amalgamation synergy..
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
6,176
646
760
17.6
growth. EMPPAC division's profitability to improve once
operating environment turns around..
With a focus on the low and medium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
12,651
404
520
28.7
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
Equitas Holdings
5,208
154
235
52.5
as risk of dilution remains low. Attractive valuations
considering growth.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
5,971
183
225
23.2
acquisition of a radio business (Radio City) would also
boost the company's revenue growth.
High order book execution in EPC segment, rising B2C
KEI Industries
1,661
214
239
11.7
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,182
425
522
22.8
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,032
213
265
24.6
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,719
1,834
1,872
2.1
growth 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
TV Today Network
1,515
254
344
35.5
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 23, 2017
Key Upcoming Events
Result Calendar
Date
Company
May 23, 2017
Tata Motors, Subros, Jindal Steel, Radico Khaitan
May 24, 2017
Amara Raja Batteries, Lupin
May 25, 2017
Bosch India, Ashok Leyland, Britannia, Mphasis, IOC, GSPL, Page Industries, Heritage Foods, Cipla
Tata Chemicals, Crompton Greaves, Areva, ITC, Tech Mahindra, Styrolution, Sun Pharma, Divi's Lab., Indoco
May 26, 2017
Remedies
May 27, 2017
Siyaram Silk Mills, PTC India
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 23, 201711:30AM Germany
GDP nsa (YoY)
% Change
1Q F
2.90
2.90
7:30PM US
New home sales
Thousands
Apr
621.00
610.00
1:00PM Germany
PMI Manufacturing
Value
May P
58.20
58.00
1:00PM Germany
PMI Services
Value
May P
55.40
55.50
May 24, 2017 7:30PM US
Existing home sales
Million
Apr
5.71
5.65
May 25, 2017 6:00PM US
GDP Qoq (Annualised)
% Change
1Q S
0.70
0.90
6:00PM US
Initial Jobless claims
Thousands
May 20
232.00
238.00
May 26, 2017 2:00PM UK
GDP (YoY)
% Change
1Q P
2.10
2.10
May 30, 2017 2:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
May F
(3.30)
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
May
120.30
120.00
May 31, 2017 1:25PM Germany
Unemployment change (000's)
Thousands
May
(15.00)
--
6:30AM China
PMI Manufacturing
Value
May
51.20
--
Jun 1, 2017
2:00PM UK
PMI Manufacturing
Value
May
57.30
--
Jun 2, 2017
6:00PM US
Change in Nonfarm payrolls
Thousands
May
211.00
178.00
6:00PM US
Unnemployment rate
%
May
4.40
4.40
Jun 7, 2017
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q F
0.50
--
2:30PM India
RBI Reverse Repo rate
%
Jun 7
6.00
--
2:30PM India
RBI Cash Reserve ratio
%
Jun 7
4.00
--
2:30PM India
RBI Repo rate
%
Jun 7
6.25
--
Jun 8, 2017
China
Exports YoY%
% Change
May
8.00
--
5:15PM Euro Zone
ECB announces interest rates
%
Jun 8
--
--
Jun 9, 2017
India
Imports YoY%
% Change
May
49.10
--
India
Exports YoY%
% Change
May
19.80
--
2:00PM UK
Industrial Production (YoY)
% Change
Apr
1.40
--
7:00AM China
Consumer Price Index (YoY)
% Change
May
1.20
--
Jun 12, 2017
5:30PM India
Industrial Production YoY
% Change
Apr
2.70
--
Source: Bloomberg, Angel Research
Market Outlook
May 23, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
10.0
8.9
7.7
7.8
9.0
8.0
8.0
7.4
7.2
8.0
6.9
7.0
6.8
7.0
7.0
5.7
5.7
6.0
6.0
5.2
4.9
4.9
6.0
5.6
5.0
3.8
4.0
5.0
2.6
2.7
3.0
1.9
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
5.8
6.0
5.1
52.0
5.0
4.3
4.2
3.9
50.0
3.6
3.7
4.0
3.4
3.2
3.0
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
60.0
7.00
50.0
6.50
40.0
6.00
30.0
5.50
20.0
5.00
10.0
4.50
0.0
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research,
Source: RBI, Angel Research
Market Outlook
May 23, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
5.6
6.0
5.3
5.0
0.7
4.0
3.3
2.9
2.1
1.9
0.5
2.0
1.6
0.8
-
(2.0)
(2.5)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
7.0
6.6
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research, #data as of 22nd May 2017
Market Outlook
May 23, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,639
(2.6)
(6.5)
23.2
Russia
Micex
1,962
2.4
(9.2)
5.0
India
Nifty
9,428
3.5
7.1
19.9
China
Shanghai Composite
3,091
(3.3)
(3.8)
9.1
South Africa
Top 40
47,963
2.8
4.4
3.4
Mexico
Mexbol
49,067
0.6
3.5
8.7
Indonesia
LQ45
970
3.9
8.5
18.4
Malaysia
KLCI
1,768
2.0
3.6
7.2
Thailand
SET 50
982
(1.8)
(1.0)
12.3
USA
Dow Jones
20,805
2.0
0.9
18.9
UK
FTSE
7,471
4.5
2.3
21.7
Japan
Nikkei
19,591
6.8
1.8
17.7
Germany
DAX
12,639
5.3
7.2
23.0
France
CAC
5,324
6.7
8.1
17.9
Source: Bloomberg, Angel Research, #data as of 22nd May 2017
Stock Watch
May 23, 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
238
-
4,624
1,937
2,164
13.3
14.3
9.0
11.0
26.4
21.6
4.6
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
790
-
40,140
15,176
17,604
18.5
18.5
37.4
44.6
21.1
17.7
4.1
3.4
21.4
21.2
2.8
2.3
Auto & Auto Ancillary
Amara Raja Batteries
Accumulate
880
1,009
15,037
5,305
6,100
16.0
16.3
28.4
34.0
31.0
25.9
6.0
5.0
19.3
19.3
2.8
2.5
Apollo Tyres
Neutral
233
-
11,876
12,877
14,504
14.3
13.9
21.4
23.0
10.9
10.2
1.7
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
86
111
24,460
20,021
21,915
11.6
11.9
4.5
5.3
19.1
16.2
3.9
3.5
20.6
21.5
1.2
1.0
Bajaj Auto
Neutral
2,913
-
84,278
25,093
27,891
19.5
19.2
143.9
162.5
20.2
17.9
5.7
4.9
30.3
29.4
3.1
2.7
Bharat Forge
Neutral
1,064
-
24,777
7,726
8,713
20.5
21.2
35.3
42.7
30.2
24.9
5.6
5.0
18.9
20.1
3.3
2.8
Ceat
Neutral
1,742
-
7,047
7,524
8,624
13.0
12.7
131.1
144.3
13.3
12.1
2.5
2.1
19.8
18.6
1.0
0.9
Eicher Motors
Neutral
27,224
-
74,076
16,583
20,447
17.5
18.0
598.0
745.2
45.5
36.5
15.6
11.8
41.2
38.3
4.3
3.4
Exide Industries
Neutral
231
-
19,593
7,439
8,307
15.0
15.0
8.1
9.3
28.5
24.8
4.0
3.6
14.3
16.7
2.3
2.0
Gabriel India
Neutral
128
-
1,841
1,544
1,715
9.0
9.3
5.4
6.3
23.7
20.3
4.5
4.0
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,565
-
71,182
28,083
30,096
15.3
15.7
171.8
187.0
20.7
19.1
7.2
6.1
30.1
27.9
2.4
2.2
Indag Rubber
Neutral
208
-
547
286
326
19.8
16.8
11.7
13.3
17.8
15.6
3.0
2.8
17.8
17.1
1.6
1.4
Jamna Auto Industries
Neutral
235
-
1,869
1,486
1,620
9.8
9.9
15.0
17.2
15.6
13.6
3.4
2.9
21.8
21.3
1.3
1.2
JK Tyres
Neutral
173
-
3,925
7,455
8,056
15.0
15.0
21.8
24.5
7.9
7.1
1.7
1.4
22.8
21.3
0.7
0.6
L G Balakrishnan & Bros Neutral
690
-
1,083
1,302
1,432
11.6
11.9
43.7
53.0
15.8
13.0
2.2
2.0
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,307
-
81,180
46,534
53,077
11.6
11.7
67.3
78.1
19.4
16.8
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Neutral
6,700
-
202,380
67,822
83,288
16.0
16.4
253.8
312.4
26.4
21.5
6.1
4.9
23.0
22.9
2.7
2.1
Minda Industries
Neutral
564
-
4,875
2,728
3,042
9.0
9.1
68.2
86.2
8.3
6.5
1.9
1.5
23.8
24.3
1.8
1.6
Motherson Sumi
Neutral
433
-
60,718
45,896
53,687
7.8
8.3
13.0
16.1
33.2
26.9
10.7
8.5
34.7
35.4
1.4
1.2
Rane Brake Lining
Neutral
1,074
-
850
511
562
11.3
11.5
28.1
30.9
38.2
34.7
5.8
5.3
15.3
15.0
1.8
1.7
Setco Automotive
Neutral
39
-
522
741
837
13.0
13.0
15.2
17.0
2.6
2.3
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
251
-
1,505
1,488
1,681
11.7
11.9
6.4
7.2
39.2
35.0
4.1
3.8
10.8
11.4
1.2
1.1
Swaraj Engines
Neutral
1,840
-
2,285
660
810
15.2
16.4
54.5
72.8
33.8
25.3
10.5
9.6
31.5
39.2
3.3
2.7
Tata Motors
Neutral
448
-
129,469
300,209
338,549
8.9
8.4
42.7
54.3
10.5
8.3
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
527
-
25,016
13,390
15,948
6.9
7.1
12.8
16.5
41.3
31.8
10.3
8.1
26.3
27.2
1.9
1.6
Capital Goods
ACE
Neutral
65
-
642
709
814
4.1
4.6
1.4
2.1
46.4
30.9
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,249
-
5,201
3,451
4,055
6.3
9.2
31.4
57.9
39.8
21.6
2.4
2.2
6.3
10.9
1.6
1.4
BGR Energy
Neutral
166
-
1,195
16,567
33,848
6.0
5.6
7.8
5.9
21.2
28.1
1.2
1.2
4.7
4.2
0.2
0.1
Stock Watch
May 23, 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
Bharat Electronics
Neutral
176
-
39,234
8,137
9,169
16.8
17.2
58.7
62.5
3.0
2.8
0.5
0.4
44.6
46.3
3.8
3.4
BHEL
Neutral
162
-
39,590
28,797
34,742
-
2.8
2.3
6.9
70.3
23.4
1.2
1.2
1.3
4.8
1.0
0.7
Blue Star
Buy
646
760
6,176
4,283
5,077
5.9
7.3
14.9
22.1
43.4
29.2
8.4
7.1
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
90
-
5,644
5,777
6,120
5.9
7.0
3.3
4.5
27.3
20.0
1.2
1.1
4.4
5.9
0.9
0.8
Solutions
Greaves Cotton
Neutral
154
-
3,767
1,755
1,881
16.8
16.9
7.8
8.5
19.8
18.2
4.0
3.7
20.6
20.9
1.8
1.7
Inox Wind
Neutral
151
-
3,360
5,605
6,267
15.7
16.4
24.8
30.0
6.1
5.1
1.7
1.3
25.9
24.4
0.6
0.5
KEC International
Neutral
244
-
6,264
9,294
10,186
7.9
8.1
9.9
11.9
24.6
20.5
3.6
3.1
15.6
16.3
0.9
0.8
KEI Industries
Accumulate
214
239
1,661
2,682
3,058
10.4
10.0
11.7
12.8
18.2
16.7
3.7
3.0
20.1
18.2
0.8
0.7
Thermax
Neutral
1,004
-
11,961
5,421
5,940
7.3
7.3
25.7
30.2
39.1
33.2
4.7
4.3
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
692
-
3,774
3,136
3,845
8.9
9.1
26.0
35.9
26.6
19.3
3.3
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
415
-
13,722
6,511
7,514
7.9
8.7
12.9
16.3
32.2
25.4
5.8
5.1
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,627
-
30,552
11,225
13,172
13.2
16.9
44.5
75.5
36.6
21.6
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
243
-
48,331
9,350
10,979
18.2
22.5
5.8
9.5
42.0
25.6
3.5
3.2
10.2
12.5
5.2
4.4
India Cements
Neutral
199
-
6,116
4,364
4,997
18.5
19.2
7.9
11.3
25.2
17.6
1.8
1.8
8.0
8.5
2.2
1.9
J K Lakshmi Cement
Neutral
474
-
5,577
2,913
3,412
14.5
19.5
7.5
22.5
63.2
21.1
3.9
3.3
12.5
18.0
2.5
2.1
JK Cement
Neutral
1,102
-
7,701
4,398
5,173
15.5
17.5
31.2
55.5
35.3
19.9
4.2
3.7
12.0
15.5
2.3
1.9
Orient Cement
Neutral
148
-
3,033
2,114
2,558
18.5
20.5
8.1
11.3
18.3
13.1
2.7
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,271
-
117,249
25,768
30,385
21.0
23.5
111.0
160.0
38.5
26.7
4.9
4.3
13.5
15.8
4.6
3.9
Construction
Engineers India
Neutral
163
-
10,950
1,725
1,935
16.0
19.1
11.4
13.9
14.3
11.7
2.0
1.9
13.4
15.3
5.3
4.7
Gujarat Pipavav Port
Neutral
151
-
7,278
705
788
52.2
51.7
5.0
5.6
30.1
26.9
3.0
2.7
11.2
11.2
10.0
8.4
ITNL
Neutral
105
-
3,467
8,946
10,017
31.0
31.6
8.1
9.1
13.0
11.6
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
198
-
2,786
1,385
1,673
14.7
14.0
41.2
48.5
4.8
4.1
0.9
0.8
14.9
15.2
2.1
1.7
Larsen & Toubro
Neutral
1,752
-
163,490
111,017
124,908
11.0
11.0
61.1
66.7
28.7
26.3
3.4
3.2
13.1
12.9
2.5
2.3
MEP Infra
Neutral
73
-
1,184
1,877
1,943
30.6
29.8
3.0
4.2
24.3
17.3
11.7
7.9
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
95
-
5,298
8,842
9,775
9.1
8.8
5.3
6.4
18.0
14.9
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
189
-
17,028
7,428
9,549
7.9
8.6
8.2
11.0
23.1
17.2
1.2
0.9
28.2
28.7
2.0
1.5
PNC Infratech
Neutral
142
-
3,644
2,350
2,904
13.1
13.2
9.0
8.8
15.8
16.1
0.6
0.5
15.9
13.9
1.7
1.4
Power Mech Projects
Neutral
596
-
877
1,801
2,219
12.7
14.6
72.1
113.9
8.3
5.2
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
317
-
5,447
3,598
4,140
10.3
10.6
9.0
11.9
35.3
26.7
3.7
3.2
9.9
11.9
1.8
1.5
Stock Watch
May 23, 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
Simplex Infra
Neutral
418
-
2,066
6,829
7,954
10.5
10.5
31.4
37.4
13.3
11.2
1.4
1.3
9.9
13.4
0.7
0.6
SIPL
Neutral
102
-
3,602
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.4
(22.8)
(15.9)
11.7
9.7
Financials
Axis Bank
Buy
502
580
120,320
46,932
53,575
3.5
3.4
32.4
44.6
15.5
11.3
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
183
-
42,085
19,980
23,178
1.8
1.8
11.5
17.3
15.9
10.6
1.8
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,528
-
6,729
420
526
3.5
3.5
86.5
107.8
29.2
23.5
6.3
5.2
23.6
24.1
-
-
Canara Bank
Neutral
362
-
21,637
15,225
16,836
1.8
1.8
14.5
28.0
25.0
12.9
1.7
1.4
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
1,043
1,230
16,305
2,012
2,317
6.3
6.3
42.7
53.6
24.4
19.5
3.9
3.3
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
404
520
12,651
2,225
2,688
2.9
2.9
29.7
34.6
13.6
11.7
2.2
1.4
16.1
14.8
-
-
Equitas Holdings
Buy
154
235
5,208
939
1,281
11.7
11.5
5.8
8.2
26.6
18.8
2.3
2.0
10.9
11.5
-
-
Federal Bank
Accumulate
110
125
19,045
8,259
8,995
3.0
3.0
4.3
5.6
25.7
19.7
2.2
2.0
8.5
10.1
-
-
HDFC
Neutral
1,519
-
241,421
11,475
13,450
3.4
3.4
45.3
52.5
33.5
28.9
6.5
5.7
20.2
20.5
-
-
HDFC Bank
Neutral
1,576
-
404,178
46,097
55,433
4.5
4.5
58.4
68.0
27.0
23.2
4.7
4.0
18.8
18.6
-
-
ICICI Bank
Neutral
305
-
177,641
42,800
44,686
3.1
3.3
18.0
21.9
16.9
13.9
2.3
2.1
11.1
12.3
-
-
Karur Vysya Bank
Buy
119
140
7,219
5,640
6,030
3.3
3.2
8.9
10.0
13.4
12.0
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
183
-
3,512
3,339
3,799
2.7
2.8
11.0
14.0
16.7
13.1
1.7
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
676
-
34,098
3,712
4,293
2.6
2.5
39.0
46.0
17.3
14.7
3.3
2.8
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
151
-
32,143
23,532
23,595
2.3
2.4
6.8
12.6
22.2
12.0
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
545
-
20,477
1,783
2,309
2.6
2.6
12.7
16.4
42.9
33.2
4.7
4.2
12.8
13.3
-
-
Repco Home Finance
Accumulate
750
825
4,690
388
457
4.5
4.2
30.0
38.0
25.0
19.7
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
26
-
4,644
6,435
7,578
2.5
2.5
2.7
3.1
9.5
8.3
1.2
1.0
10.1
11.2
-
-
St Bk of India
Neutral
294
-
238,754
88,650
98,335
2.6
2.6
13.5
18.8
21.8
15.7
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
168
-
11,549
13,450
14,925
2.3
2.3
25.5
34.5
6.6
4.9
1.0
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,407
-
64,276
8,978
11,281
3.3
3.4
74.0
90.0
19.0
15.6
3.6
3.1
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,852
-
8,884
2,955
3,309
13.3
13.7
57.2
69.3
32.4
26.7
10.6
8.9
32.7
33.3
2.8
2.5
Asian Paints
Neutral
1,115
-
106,965
17,128
18,978
16.8
16.4
19.1
20.7
58.4
53.9
20.3
19.2
34.8
35.5
6.2
5.6
Britannia
Neutral
3,639
-
43,668
9,594
11,011
14.6
14.9
80.3
94.0
45.3
38.7
18.6
14.4
41.2
-
4.4
3.8
Colgate
Neutral
1,005
-
27,341
4,605
5,149
23.4
23.4
23.8
26.9
42.2
37.4
23.4
18.3
64.8
66.8
5.9
5.2
Dabur India
Accumulate
277
304
48,838
8,315
9,405
19.8
20.7
8.1
9.2
34.2
30.1
9.5
7.9
31.6
31.0
5.5
4.9
GlaxoSmith Con*
Neutral
5,294
-
22,263
4,350
4,823
21.2
21.4
179.2
196.5
29.5
27.0
7.8
6.6
27.1
26.8
4.5
4.0
Stock Watch
May 23, 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
Godrej Consumer
Neutral
1,783
-
60,712
10,235
11,428
18.4
18.6
41.1
44.2
43.4
40.3
9.6
8.1
24.9
24.8
6.0
5.3
HUL
Neutral
1,018
-
220,407
35,252
38,495
17.8
17.8
20.7
22.4
49.3
45.5
47.1
40.4
95.6
88.9
6.1
5.6
ITC
Neutral
304
-
368,855
40,059
44,439
38.3
39.2
9.0
10.1
33.8
30.0
9.4
8.2
27.8
27.5
8.7
7.8
Marico
Neutral
316
-
40,805
6,430
7,349
18.8
19.5
6.4
7.7
49.4
41.1
14.9
12.6
33.2
32.5
6.2
5.3
Nestle*
Neutral
6,575
-
63,392
10,073
11,807
20.7
21.5
124.8
154.2
52.7
42.6
21.6
19.5
34.8
36.7
6.1
5.2
Procter & Gamble
Neutral
7,500
-
24,346
2,939
3,342
23.2
23.0
146.2
163.7
51.3
45.8
13.0
10.8
25.3
23.5
7.8
6.8
Hygiene
Tata Global
Neutral
148
-
9,328
8,675
9,088
9.8
9.8
7.4
8.2
20.0
18.0
1.6
1.5
7.9
8.1
1.0
0.9
IT
HCL Tech^
Buy
858
1,014
122,450
46,723
52,342
22.1
20.9
60.0
62.8
14.3
13.7
3.6
3.1
25.3
22.4
2.4
2.0
Infosys
Buy
960
1,179
220,449
68,484
73,963
26.0
26.0
63.0
64.0
15.2
15.0
3.2
2.9
20.8
19.7
2.9
2.5
TCS
Neutral
2,529
-
498,380
117,966
127,403
27.5
27.6
134.3
144.5
18.8
17.5
5.6
5.2
29.8
29.7
3.9
3.6
Tech Mahindra
Buy
412
600
40,132
29,673
32,937
15.5
17.0
32.8
39.9
12.6
10.3
2.5
2.1
19.6
20.7
1.1
0.9
Wipro
Accumulate
521
570
126,657
55,421
58,536
20.3
20.3
35.1
36.5
14.8
14.3
2.6
2.2
19.2
14.6
1.7
1.5
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
Hindustan Media
Neutral
270
-
1,983
1,016
1,138
24.3
25.2
27.3
30.1
9.9
9.0
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
HT Media
Neutral
81
-
1,895
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.0
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
183
225
5,971
2,355
2,635
28.0
28.0
10.8
12.5
16.9
14.6
3.7
3.2
21.7
21.7
2.6
2.2
Sun TV Network
Neutral
845
-
33,316
2,850
3,265
70.1
71.0
26.2
30.4
32.3
27.8
8.3
7.3
24.3
25.6
11.3
9.7
TV Today Network
Buy
254
344
1,515
567
645
26.7
27.0
15.4
18.1
16.5
14.0
2.5
2.1
14.9
15.2
2.2
1.9
Metals & Mining
Coal India
Neutral
274
-
170,238
84,638
94,297
21.4
22.3
24.5
27.1
11.2
10.1
4.7
4.4
42.6
46.0
1.5
1.4
Hind. Zinc
Neutral
247
-
104,471
14,252
18,465
55.9
48.3
15.8
21.5
15.7
11.5
2.6
2.2
17.0
20.7
7.3
5.7
Hindalco
Neutral
190
-
42,556
107,899
112,095
7.4
8.2
9.2
13.0
20.6
14.6
1.0
0.9
4.8
6.6
0.9
0.9
JSW Steel
Neutral
192
-
46,483
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
122
-
38,647
6,643
7,284
44.4
47.7
7.1
7.7
17.2
15.9
1.5
1.5
8.8
9.2
3.6
3.2
SAIL
Neutral
60
-
24,863
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.2
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
487
-
47,259
121,374
121,856
7.2
8.4
18.6
34.3
26.2
14.2
1.6
1.5
6.1
10.1
1.0
1.0
Vedanta
Neutral
229
-
85,087
71,744
81,944
19.2
21.7
13.4
20.1
17.1
11.4
1.5
1.3
8.4
11.3
1.6
1.2
Oil & Gas
GAIL
Neutral
391
-
66,155
56,220
65,198
9.3
10.1
27.1
33.3
14.4
11.8
1.3
1.2
9.3
10.7
1.4
1.2
Indian Oil Corp
Neutral
425
-
206,546
373,359
428,656
5.9
5.5
54.0
59.3
7.9
7.2
1.2
1.1
16.0
15.6
0.7
0.6
ONGC
Neutral
177
-
227,533
137,222
152,563
15.0
21.8
19.5
24.1
9.1
7.4
0.8
0.7
8.5
10.1
1.9
1.7
Stock Watch
May 23, 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
Oil & Gas
Reliance Industries
Neutral
1,324
-
430,409
301,963
358,039
12.1
12.6
87.7
101.7
15.1
13.0
1.6
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
600
648
11,315
3,101
3,966
19.7
20.5
21.4
25.5
28.1
23.5
6.0
4.9
23.0
22.8
3.6
2.7
Alkem Laboratories Ltd
Buy
1,870
2,257
22,359
6,065
7,009
18.7
20.0
80.2
92.0
23.3
20.3
5.2
4.4
22.5
21.6
3.6
3.1
Aurobindo Pharma
Buy
576
877
33,764
15,720
18,078
23.7
23.7
41.4
47.3
13.9
12.2
3.6
2.8
29.6
26.1
2.4
2.1
Aventis*
Neutral
4,102
-
9,447
2,206
2,508
16.6
16.8
128.9
139.9
31.8
29.3
5.4
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Neutral
458
-
46,872
10,429
12,318
17.7
21.6
13.1
19.2
35.0
23.9
7.3
5.8
22.8
27.1
4.5
3.7
Cipla
Sell
561
465
45,099
15,378
18,089
15.7
16.8
19.3
24.5
29.0
22.9
3.4
3.0
12.3
13.9
3.1
2.6
Dishman Pharma
Sell
291
143
4,696
1,718
1,890
22.7
22.8
9.5
11.3
30.6
25.8
3.0
2.7
10.1
10.9
3.2
2.8
Dr Reddy's
Neutral
2,608
-
43,204
14,081
15,937
16.1
18.6
72.6
105.9
35.9
24.6
3.5
3.2
9.6
13.6
3.3
2.9
GSK Pharma*
Neutral
2,428
-
20,566
2,800
3,290
10.2
20.6
32.2
60.3
75.4
40.3
14.0
13.8
17.2
34.5
7.1
6.1
Indoco Remedies
Buy
203
240
1,871
1,112
1,289
16.2
18.2
11.6
16.0
17.5
12.7
2.8
2.4
17.0
20.1
1.8
1.5
Ipca labs
Buy
520
613
6,559
3,258
3,747
12.8
15.3
12.1
19.2
43.0
27.1
2.7
2.5
6.4
9.5
2.1
1.9
Lupin
Buy
1,263
1,809
57,042
15,912
18,644
26.4
26.7
58.1
69.3
21.7
18.2
4.2
3.5
21.4
20.9
3.7
3.0
Natco Pharma
Accumulate
911
974
15,886
2,090
2,335
32.1
26.6
26.8
23.2
34.0
39.3
9.6
8.3
28.4
21.1
7.7
94.1
Sun Pharma
Buy
640
847
153,611
31,129
35,258
32.0
32.9
30.2
35.3
21.2
18.1
3.5
2.9
20.0
20.1
4.5
3.8
Power
NTPC
Neutral
158
-
130,526
86,605
95,545
17.5
20.8
11.8
13.4
13.4
11.8
1.4
1.3
10.5
11.1
2.8
2.8
Power Grid
Accumulate
202
223
105,757
25,315
29,193
88.2
88.7
14.2
17.2
14.3
11.8
2.2
1.9
15.2
16.1
8.8
7.9
Tata Power
Neutral
82
-
22,193
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
1.4
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Buy
425
522
2,182
1,152
1,300
22.7
24.6
29.9
35.8
14.2
11.9
1.1
1.0
7.6
8.6
2.6
2.2
Prestige Estate
Neutral
234
-
8,790
4,707
5,105
25.2
26.0
10.3
13.0
22.8
18.0
1.8
1.7
10.3
10.2
3.0
2.7
Telecom
Bharti Airtel
Neutral
372
-
148,663
105,086
114,808
34.5
34.7
12.2
16.4
30.5
22.7
2.1
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
88
-
31,659
40,133
43,731
37.2
37.1
6.4
6.5
13.7
13.5
1.1
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,180
-
8,882
3,153
3,583
14.1
14.4
152.2
182.7
27.5
22.9
134.8
115.2
25.6
26.1
2.5
2.2
Asian Granito
Accumulate
363
405
1,093
1,060
1,169
12.2
12.5
12.7
15.9
28.7
22.9
2.7
2.4
9.5
10.7
1.3
1.2
Bajaj Electricals
Buy
314
395
3,183
4,801
5,351
5.7
6.2
10.4
13.7
30.2
23.0
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
223
-
1,596
1,353
1,471
12.3
12.4
14.5
16.3
15.4
13.7
21.3
19.1
14.5
14.6
1.1
120.3
Coffee Day Enterprises
Neutral
254
-
5,225
2,964
3,260
20.5
21.2
4.7
8.0
-
31.7
2.9
2.7
5.5
8.5
2.2
1.9
Ltd
Competent Automobiles Neutral
224
-
144
1,137
1,256
3.1
2.7
28.0
23.6
8.0
9.5
43.1
38.9
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
62
-
691
1,482
1,660
13.7
14.5
3.9
5.8
15.8
10.6
3.7
3.4
7.8
10.9
0.8
0.7
Stock Watch
May 23, 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
Finolex Cables
Neutral
530
-
8,110
2,883
3,115
12.0
12.1
14.2
18.6
37.3
28.5
19.9
17.4
15.8
14.6
2.5
2.3
Garware Wall Ropes
Neutral
786
-
1,720
863
928
15.1
15.2
36.4
39.4
21.6
20.0
3.9
3.3
17.5
15.9
1.9
1.8
Goodyear India*
Neutral
854
-
1,969
1,598
1,704
10.4
10.2
49.4
52.6
17.3
16.2
79.8
70.0
18.2
17.0
0.9
130.4
Hitachi
Neutral
1,771
-
4,815
2,081
2,433
8.8
8.9
33.4
39.9
53.0
44.4
42.8
35.6
22.1
21.4
2.3
1.9
HSIL
Neutral
350
-
2,533
2,384
2,515
15.8
16.3
15.3
19.4
22.9
18.1
22.8
19.6
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,042
-
37,652
21,122
26,005
14.5
27.6
110.7
132.1
9.4
7.9
56.3
40.2
168.5
201.1
1.8
1.4
Jyothy Laboratories
Neutral
374
-
6,790
1,440
2,052
11.5
13.0
8.5
10.0
44.0
37.4
10.7
9.9
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
389
-
5,630
2,554
2,800
9.9
10.0
10.5
12.1
37.1
32.2
15.5
14.6
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
277
-
410
382
420
9.3
9.5
13.5
15.7
20.6
17.7
3.5
3.1
17.1
17.3
1.1
1.0
M M Forgings
Neutral
610
-
736
546
608
20.4
20.7
41.3
48.7
14.8
12.5
83.5
73.9
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
785
-
4,490
836
1,087
19.6
19.4
16.9
23.8
46.4
33.0
5.6
4.9
12.0
14.8
5.1
3.8
Mirza International
Neutral
158
-
1,906
963
1,069
17.2
18.0
6.1
7.5
25.8
21.1
4.0
3.4
15.0
15.7
2.2
2.0
MT Educare
Neutral
63
-
250
366
417
17.7
18.2
9.4
10.8
6.7
5.8
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
297
-
6,070
1,873
2,166
11.5
11.7
2.6
4.0
112.3
74.9
6.9
6.2
6.1
8.3
3.3
2.9
Navkar Corporation
Buy
213
265
3,032
369
561
42.9
42.3
6.9
11.5
30.8
18.5
2.2
1.9
7.4
10.5
9.2
6.1
Navneet Education
Neutral
161
-
3,754
1,062
1,147
24.0
24.0
6.1
6.6
26.4
24.3
5.4
4.8
20.6
19.8
3.6
3.3
Nilkamal
Neutral
1,914
-
2,856
1,995
2,165
10.7
10.4
69.8
80.6
27.4
23.8
109.4
95.0
16.6
16.5
1.4
1.3
Page Industries
Neutral
14,207
-
15,846
2,450
3,124
20.1
17.6
299.0
310.0
47.5
45.8
316.4
241.5
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
248
-
2,085
1,919
2,231
9.3
9.6
9.5
12.9
26.2
19.2
4.1
3.4
15.5
17.5
1.2
1.1
Quick Heal
Neutral
216
-
1,514
408
495
27.3
27.0
7.7
8.8
27.9
24.6
2.6
2.6
9.3
10.6
2.9
2.4
Radico Khaitan
Buy
125
147
1,660
1,667
1,824
13.0
13.2
6.7
8.2
18.8
15.2
1.7
1.6
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
477
-
5,727
2,085
2,469
9.2
8.2
7.6
8.0
63.1
60.0
24.5
20.9
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
291
-
4,211
1,036
1,160
15.1
15.0
6.1
7.2
47.7
40.6
5.1
4.7
10.7
11.5
3.9
3.5
Siyaram Silk Mills
Neutral
1,834
-
1,719
1,652
1,857
11.6
11.7
92.4
110.1
19.8
16.7
2.9
2.5
14.7
15.2
1.3
1.1
Styrolution ABS India*
Neutral
742
-
1,305
1,440
1,537
9.2
9.0
40.6
42.6
18.3
17.4
46.7
42.4
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
276
-
1,211
3,342
3,625
7.8
7.5
17.3
19.8
16.0
14.0
30.4
24.4
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,167
-
1,995
3,229
4,001
1.5
1.8
22.8
32.8
51.3
35.5
5.5
4.8
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
196
-
785
287
384
20.5
20.5
7.6
10.7
25.8
18.3
5.4
4.4
20.7
23.5
2.8
2.0
Transport Corporation of
Neutral
263
-
2,014
2,671
2,911
8.5
8.8
13.9
15.7
19.0
16.8
2.6
2.3
13.7
13.8
0.9
0.8
India
Stock Watch
May 23, 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
TVS Srichakra
Neutral
3,987
-
3,053
2,304
2,614
13.7
13.8
231.1
266.6
17.3
15.0
448.0
352.8
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
407
-
1,124
619
685
33.2
33.4
30.0
34.9
13.6
11.7
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
352
-
559
1,051
1,138
10.3
10.4
21.0
23.1
16.8
15.2
45.1
42.3
9.0
9.2
0.8
0.7
VRL Logistics
Neutral
305
-
2,786
1,902
2,119
16.7
16.6
14.6
16.8
21.0
18.2
4.6
4.0
21.9
22.2
1.6
1.4
Wonderla Holidays
Neutral
381
-
2,153
287
355
38.0
40.0
11.3
14.2
33.7
26.8
4.8
4.2
21.4
23.9
7.2
5.8
VIP Industries
Accumulate
193
218
2,725
1,270
1,450
10.4
10.4
5.6
6.5
34.4
29.7
7.1
6.2
20.7
21.1
2.1
1.9
Navin Fluorine
Buy
2,961
3,650
2,900
789
945
21.1
22.4
120.1
143.4
24.7
20.7
4.0
3.4
17.8
18.5
3.6
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 22, 2017
Market Outlook
May 23, 2017
Research Team Tel: 022 - 39357800
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