Market Outlook

September 27, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open on a negative note considering global cues.

BSE Sensex

(1.3)

(374)

28,294

Nifty

(1.2)

(109)

8,723

After a notable strength in the previous week, the US stocks moved to the downside

Mid Cap

(0.5)

(71)

13,261

on Monday. The tech-heavy Nasdaq also pulled back further from its earlier closing.

Small Cap

(0.6)

(72)

12,887

The Dow, NASDAQ and S&P 500 all slid 0.9 percent each due to weakness in the

overseas markets as well as profit booking. Trading activity remained somewhat

Bankex

(1.6)

(355)

22,398

subdued, however, with traders looking ahead to tonight's highly anticipated

presidential debate.

Global Indices

Chg (%)

(Pts)

(Close)

The U.K. stocks dropped on Monday, with the week starting off on risk-averse

Dow Jones

(0.9)

(167)

18,095

footing with energy shares under pressure as oil producers gather for industry talks.

Nasdaq

(0.9)

(48)

5,257

The FTSE 100 index fell 1.3% setting negative tone for the week. Oil shares declined

FTSE

(1.3)

(91)

6,818

over oil producers meet in this week. The week’s downbeat start also came in as

Nikkei

(1.3)

(209)

16,545

KPMG survey that showed more than three-quarters of CEOs at U.K. major

Hang Seng

(1.6)

(369)

23,318

corporations are considering moving their headquarters or operations out of Britain

following the U.K’s vote to leave the European Union.

Shanghai Com

(1.8)

(53)

2,980

Indian markets closed on a negative tone yesterday following falling crude oil prices

Advances / Declines

BSE

NSE

and weak economic data from US. Sensex slumped 374 points while Nifty ended

below 8750.

Advances

1,010

524

Declines

1,700

1,100

News Analysis

Unchanged

217

 Hero enhances focus on premium motorcycle segment

 Zee Group may acquire TV 9

Detailed analysis on Pg2

Volumes (` Cr)

BSE

3,435

Investor’s Ready Reckoner

NSE

19,847

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Net Inflows (` Cr)

Net

Mtd

Ytd

Refer Pg5 onwards

FII

(248)

4,473

45,141

Top Picks

MFs

327

970

11,079

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Amara Raja Batteries Auto & Auto Ancillary

Buy

1,018

1,174

15.3

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

787

1,000

27.0

Marksans

10.8

Bharat Electronics

Capital Goods

Accumulate

1,265

1,414

11.8

Raymond

559

4.4

Equitas Holdings

Financials

Buy

178

235

31.8

Gruh

333

3.9

Navkar Corporation Others

Buy

194

265

36.9

Bpcl

621

3.1

More Top Picks on Pg3

Torntpower

190

2.9

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Sep 27 US

Consumer Confidence

101.1

98.8

Prestige

200

(8.1)

Sep 29 US

Initial Jobless claims

252.0

260.0

Ifci

(5.6)

Sep 29 China

PMI Manufacturing

50.4

Supremeind

865

(4.1)

Sep 29 Germany

Unemployment Change (000s)

(7.0)

(5.0)

Ongc

251

(3.8)

Sep 29 Euro Zone

Euro Zone Consumer Confidence

(8.2)

Sep 30 US

GDP QoQ (Annualised)

1.1

1.3

Jublfood

959

(3.5)

Oct 01 UK

GDP YoY

2.2

6.(

More Events on Pg4

www.angelbroking.com

Market Outlook

September 27, 2016

News Analysis

Hero enhances focus on premium motorcycle segment

Hero MotoCorp, is taking steps to widen its presence in the premium segment. It

launched a refreshed variant of its premium motorcycle Achiever 150, priced up to

`62,800 (ex-showroom, Delhi) on Monday. This is the beginning of a wide and

vast effort in the premium segment and company believes that there is a lot more

to come. The company has a stronghold on the domestic 100cc and 125cc

commuter bike segment with a share of 65 and 55 per cent, respectively. But it

aims to expand presence in the 150cc and above segment. Hero's motorcycle

range begins at `40,000 and goes up to `107,000.

Hero's sales in 5MFY17 grew 12 per cent in the first five months of the current year

and has 37 per cent share in the domestic two-wheeler market. The market has

recovered this year due to better sentiments in rural markets on better monsoon

and a push in urban market due to higher wages of government employees. In

July this year, Hero launched its first in-house developed motorcycle, the new

Splendor iSmart 110. Company has said that there is a huge amount of work

going on at its newly inaugurated research and development facility and results

will be seen over next several months.

Zee Group may acquire TV 9

Zee group is likely to buy a majority stake in Hyderabad-based media firm

Associated Broadcasting Company Private Limited (ABCL). ABCL had started with

first 24-hour Telugu news channel under brand name TV9 in the following year

and subsequently expanded to other regional languages. It currently runs 7 news

channels including the TV9 Kannada, TV 9 Marathi and the popular TV 9 Gujarati

news channels.

the deal between the promoters of ABCL and Zee Group was finalised and the

entire transaction was expected to be closed in a couple of months time. Subhash

Chandra-promoted Zee group was one of the four companies that had signed

non-disclosure agreements with the promoters of ABCL some time back. The

details of the proposed transaction, in terms of percentage of equity being

acquired by the Subhash Chandra promoted company, or the deal value was

undisclosed.

Economic and Political News

 China slowdown biggest threat to global economy: Ken Rogoff

 Government panel clears three new airports in Andhra Pradesh

 TRAI to issue notice to warring TELCOS over call failures

Corporate News

 Pfizer says not to split into two

 GNA Axles closes 18.43% up in stock market debut

 SBI merger: Associates to soon submit report to RBI

www.angelbroking.com

Market Outlook

September 27, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

17,391

1,018

1,174

15.3

products leading to market share gains in both the

automotive OEM and replacement segments.

Uptick in defense capex by government when coupled with

Bharat Electronics

30,364

1,265

1,414

11.8

BELs strong market positioning, indicate that good times are

ahead for BEL.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,11,090

787

1,000

27.0

the bad news.

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

Infosys

2,37,895

1,036

1,370

32.3

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,732

270

306

13.2

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

5,147

540

578

7.0

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

8,487

291

325

11.7

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

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

Equitas Holdings

5,981

178

235

31.8

dilution remains low. Attractive valuations considering

growth.

Expectations of above average monsoon augurs well for

Goodyear India

1,444

626

684

9.3

Goodyear India as it derives ~50% of its turnover from farm

tyre segment.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,273

192

225

17.2

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

revenue growth.

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

1,813

442

522

18.1

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,761

194

265

36.9

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,578

119

125

5.4

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,233

1,316

1,469

11.7

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

1,822

306

363

18.8

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

September 27, 2016

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Sep 27, 2016

7:30PM

Consumer Confidence

S.A./ 1985=100

Sep

101.10

98.80

Sep 29, 2016

2:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Sep F

(8.20)

6:00PM

Initial Jobless claims

Thousands

Sep 24

252.00

260.00

1:25PM

Germany

Unemployment change (000's)

Thousands

Sep

(7.00)

(5.00)

6:30AM

China

PMI Manufacturing

Value

Sep

50.40

Sep 30, 2016

6:00PM

GDP Qoq (Annualised)

% Change

2Q T

1.10

1.30

Oct 1, 2016

2:00PM

GDP (YoY)

% Change

2Q F

2.20

Oct 3, 2016

1:25PM

Germany

PMI Manufacturing

Value

Sep F

54.30

2:00PM

PMI Manufacturing

Value

Sep

53.30

Oct 4, 2016

11:00AM

India

RBI Reverse Repo rate

Oct 4

6.00

11:00AM

India

RBI Repo rate

Oct 4

6.50

11:00AM

India

RBI Cash Reserve ratio

Oct 4

4.00

Oct 5, 2016

1:25PM

Germany

PMI Services

Value

Sep F

50.60

Oct 7, 2016

2:00PM

Industrial Production (YoY)

% Change

Aug

2.10

6:00PM

Change in Nonfarm payrolls

Thousands

Sep

151.00

178.00

6:00PM

Unnemployment rate

Sep

4.90

Oct 10, 2016

India

Exports YoY%

% Change

Sep

(0.30)

India

Imports YoY%

% Change

Sep

(14.09)

Oct 12, 2016

5:30PM

India

Industrial Production YoY

% Change

Aug

(2.40)

Oct 13, 2016

China

Exports YoY%

% Change

Sep

(2.80)

Oct 14, 2016

Producer Price Index (mom)

% Change

Sep

(0.30)

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Sep

3.74

7:00AM

China

Consumer Price Index (YoY)

% Change

Sep

1.30

Oct 17, 2016

2:30PM

Euro Zone

Euro-Zone CPI (YoY)

Sep F

0.20

6:45PM

Industrial Production

Sep

(0.43)

Oct 18, 2016

6:00PM

Consumer price index (mom)

% Change

Sep

0.20

6:00PM

Housing Starts

Thousands

Sep

1,142.00

Source: Bloomberg, Angel Research

Market Outlook

September 27, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

8.0

7.5

7.6

10.0

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

3.7

5.8

6.0

4.0

1.9

2.0

1.1

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

(2.4)

3.0

(3.4)

(6.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

55.0

7.0

6.1

5.7

5.8

54.0

6.0

5.4

5.6

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.4

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

5.0

7.00

0.0

6.50

(5.0)

6.00

(10.0)

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

September 27, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

58,054

0.6

17.9

24.6

Russia

Micex

1,998

0.6

7.6

23.2

India

Nifty

8,723

1.0

6.3

11.4

China

Shanghai Composite

2,980

(3.3)

3.1

(3.3)

South Africa

Top 40

44,964

(3.8)

(1.3)

(0.2)

Mexico

Mexbol

47,253

(1.0)

6.7

12.8

Indonesia

LQ45

925

(2.9)

10.1

24.7

Malaysia

KLCI

1,670

(1.3)

2.2

1.4

Thailand

SET 50

949

(3.5)

5.2

6.6

USA

Dow Jones

18,095

(2.1)

4.0

13.1

FTSE

6,818

(0.3)

14.0

15.4

Japan

Nikkei

16,545

0.3

3.0

(9.4)

Germany

DAX

10,394

(1.3)

10.0

7.6

France

CAC

4,408

0.0

7.8

(4.5)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

September 27, 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

222

4,309

1,937

2,164

13.3

14.3

9.0

11.0

24.6

20.2

4.3

3.7

18.4

19.8

2.3

2.0

United Phosphorus

Neutral

682

34,584

15,176

17,604

18.5

37.4

44.6

18.2

15.3

3.6

3.0

21.4

21.2

2.4

2.0

Auto & Auto Ancillary

Ashok Leyland

Buy

111

23,265

22,407

26,022

10.6

5.2

6.4

15.7

12.7

3.5

3.0

23.6

24.7

1.1

0.9

Bajaj Auto

Neutral

2,891

83,649

25,093

27,891

19.5

19.2

143.9

162.5

20.1

17.8

5.6

4.8

30.3

29.4

3.1

2.7

Bharat Forge

Neutral

938

21,840

7,726

8,713

20.5

21.2

35.3

42.7

26.6

22.0

4.9

4.4

18.9

20.1

2.9

2.5

Eicher Motors

Neutral

24,640

66,925

16,583

20,447

17.5

18.0

598.0

745.2

41.2

33.1

14.1

10.7

41.2

38.3

3.9

3.1

Gabriel India

Neutral

120

1,721

1,544

1,715

9.0

9.3

5.4

6.3

22.2

19.0

4.2

3.7

18.9

19.5

1.1

0.9

Hero Motocorp

Neutral

3,464

69,166

31,253

35,198

15.3

15.0

172.3

192.1

20.1

18.0

7.4

6.3

38.9

37.0

2.1

1.8

Jamna Auto Industries Neutral

220

1,760

1,486

1,620

9.8

9.9

15.0

17.2

14.7

12.8

3.2

2.7

21.8

21.3

1.3

1.1

L G Balakrishnan & Bros Neutral

583

915

1,302

1,432

11.6

11.9

43.7

53.0

13.4

11.0

1.9

1.7

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,380

85,701

46,534

53,077

11.6

11.7

67.3

78.1

20.5

17.7

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Neutral

5,567

168,153

69,186

82,217

14.7

14.4

198.5

241.4

28.0

23.1

5.5

4.4

20.2

20.0

2.1

1.7

Minda Industries

Neutral

294

2,334

2,728

3,042

9.0

9.1

68.2

86.2

4.3

3.4

1.0

0.8

23.8

24.3

0.9

0.8

Motherson Sumi

Neutral

316

44,305

45,896

53,687

7.8

8.3

13.0

16.1

24.2

19.6

7.8

6.2

34.7

35.4

1.0

0.9

Rane Brake Lining

Neutral

1,248

988

511

562

11.3

11.5

28.1

30.9

44.4

40.4

6.8

6.2

15.3

15.0

2.1

1.9

Setco Automotive

Neutral

593

741

837

13.0

15.2

17.0

2.9

2.6

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

536

154,624

300,209

338,549

8.9

8.4

42.7

54.3

12.6

9.9

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

347

16,505

13,390

15,948

6.9

7.1

12.8

16.5

27.2

21.0

6.8

5.4

26.3

27.2

1.3

1.0

Amara Raja Batteries

Buy

1,018

1,174

17,391

5,429

6,471

17.5

17.6

35.3

43.5

28.8

23.4

6.6

5.4

25.3

24.8

3.1

2.5

Exide Industries

Neutral

192

16,320

7,439

8,307

15.0

8.1

9.3

23.7

20.7

3.3

3.0

14.3

16.7

1.8

1.6

Apollo Tyres

Neutral

217

11,025

12,877

14,504

14.3

13.9

21.4

23.0

10.1

9.4

1.6

1.4

16.4

15.2

1.0

0.9

Ceat

Neutral

1,186

4,798

7,524

8,624

13.0

12.7

131.1

144.3

9.1

8.2

1.7

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

143

3,254

7,455

8,056

15.0

21.8

24.5

6.6

5.9

1.4

1.1

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,186

1,473

660

810

15.2

16.4

54.5

72.8

21.8

16.3

6.8

6.2

31.5

39.2

2.1

1.6

Subros

Neutral

130

780

1,488

1,681

11.7

11.9

6.4

7.2

20.3

18.1

2.1

2.0

10.8

11.4

0.8

0.6

Indag Rubber

Neutral

175

460

286

326

19.8

16.8

11.7

13.3

15.0

13.2

2.5

2.4

17.8

17.1

1.3

1.1

Capital Goods

ACE

Neutral

431

709

814

4.1

4.6

1.4

2.1

31.1

20.8

1.3

1.2

4.4

6.0

0.8

0.7

BEML

Buy

919

1,157

3,826

3,451

4,055

6.3

9.2

31.4

57.9

29.3

15.9

1.8

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,265

1,414

30,364

8,137

9,169

16.8

17.2

58.7

62.5

21.6

20.2

3.3

3.0

44.6

46.3

2.7

2.4

www.angelbroking.com

Stock Watch

September 27, 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

Accumulate

378

407

12,504

6,511

7,514

7.9

8.7

12.9

16.3

29.3

23.2

5.3

4.6

16.7

18.5

1.7

1.4

BGR Energy

Neutral

115

828

16,567

33,848

6.0

5.6

7.8

5.9

14.7

19.4

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

143

34,964

28,797

34,742

2.8

2.3

6.9

62.1

20.7

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

540

578

5,147

4,351

5,024

6.4

7.1

17.2

20.6

31.4

26.2

20.5

17.0

23.1

24.1

1.2

1.1

Crompton Greaves

Neutral

5,020

5,777

6,120

5.9

7.0

3.3

4.5

24.3

17.8

1.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

128

3,123

1,755

1,881

16.8

16.9

7.8

8.5

16.4

15.1

3.3

3.1

20.6

20.9

1.5

1.3

Inox Wind

Buy

206

286

4,574

5,605

6,267

15.7

16.4

24.8

30.0

8.3

6.9

2.3

1.7

25.9

24.4

0.9

0.7

KEC International

Neutral

126

3,234

9,294

10,186

7.9

8.1

9.9

11.9

12.7

10.6

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

849

10,113

5,421

5,940

7.3

25.7

30.2

33.0

28.1

4.0

3.7

12.2

13.1

1.7

1.6

VATech Wabag

Buy

553

681

3,013

3,136

3,845

8.9

9.1

26.0

35.9

21.3

15.4

2.7

2.3

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,606

30,166

11,225

13,172

13.2

16.9

44.5

75.5

36.1

21.3

3.4

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

255

50,694

9,350

10,979

18.2

22.5

5.8

9.5

44.0

26.9

3.7

3.3

10.2

12.5

5.4

4.6

India Cements

Neutral

148

4,560

4,364

4,997

18.5

19.2

7.9

11.3

18.8

13.1

1.4

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

829

5,796

4,398

5,173

15.5

17.5

31.2

55.5

26.6

14.9

3.2

2.8

12.0

15.5

1.9

1.5

J K Lakshmi Cement

Neutral

486

5,713

2,913

3,412

14.5

19.5

7.5

22.5

64.7

21.6

4.0

3.4

12.5

18.0

2.5

2.1

Orient Cement

Neutral

200

4,097

2,114

2,558

18.5

20.5

8.1

11.3

24.7

17.7

3.6

3.1

9.0

14.0

2.6

2.0

UltraTech Cement

Neutral

3,937

108,043

25,768

30,385

21.0

23.5

111.0

160.0

35.5

24.6

4.5

4.0

13.5

15.8

4.3

3.6

Construction

ITNL

Neutral

101

3,313

8,946

10,017

31.0

31.6

8.1

9.1

12.4

11.1

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

764

2,149

1,385

1,673

14.7

14.0

41.2

48.5

18.5

15.8

3.5

3.0

14.9

15.2

1.6

1.3

Larsen & Toubro

Buy

1,469

1,700

136,884

67,665

77,249

10.7

11.5

57.3

71.2

25.6

20.6

2.4

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

172

8,330

705

788

52.2

51.7

5.0

5.6

34.5

30.8

3.4

3.1

11.2

11.5

9.8

Nagarjuna Const.

Neutral

4,728

8,842

9,775

9.1

8.8

5.3

6.4

16.1

13.3

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

121

143

3,114

2,350

2,904

13.1

13.2

9.0

8.8

13.5

13.8

0.5

0.4

15.9

13.9

1.4

1.2

Simplex Infra

Neutral

336

1,663

6,829

7,954

10.5

31.4

37.4

10.7

9.0

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

504

742

1,801

2,219

12.7

14.6

72.1

113.9

7.0

4.4

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

283

298

4,850

3,598

4,140

10.3

10.6

9.0

11.9

31.4

23.8

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

253

15,165

7,428

9,549

7.9

8.6

8.2

11.0

30.8

23.0

1.5

1.2

28.2

28.7

1.8

1.3

MEP Infra

Neutral

721

1,877

1,943

30.6

29.8

3.0

4.2

14.8

10.6

7.2

4.8

0.6

1.8

1.6

SIPL

Neutral

109

3,832

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.1

4.7

(22.8)

(15.9)

11.9

9.9

www.angelbroking.com

Stock Watch

September 27, 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

255

8,602

1,725

1,935

16.0

19.1

11.4

13.9

22.4

18.4

3.1

3.0

13.4

15.3

3.9

3.5

Financials

Axis Bank

Neutral

548

130,699

58,081

66,459

3.5

32.4

44.6

16.9

12.3

2.2

1.9

13.6

16.5

Bank of Baroda

Neutral

167

38,376

19,980

23,178

1.8

11.5

17.3

14.5

9.6

1.7

1.4

8.3

10.1

Canara Bank

Neutral

304

16,523

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 Accumulate

291

325

8,487

2,225

2,688

2.9

29.7

34.6

9.8

8.4

1.6

1.4

16.1

16.8

Equitas Holdings

Buy

178

235

5,981

939

1,281

11.7

11.5

5.8

8.2

30.8

21.8

2.7

2.4

10.9

11.5

Federal Bank

Neutral

12,526

9,353

10,623

2.9

4.4

5.8

16.6

12.6

1.6

1.4

9.5

11.0

HDFC

Neutral

1,414

223,509

11,475

13,450

3.4

45.3

52.5

31.2

26.9

6.0

5.3

20.2

20.5

HDFC Bank

Neutral

1,297

328,329

46,097

55,433

4.5

58.4

68.0

22.2

19.1

3.9

3.3

18.8

18.6

ICICI Bank

Neutral

263

153,101

39,029

45,903

3.3

16.7

16.3

15.8

16.2

2.0

1.8

10.1

12.4

LIC Housing Finance

Neutral

568

28,675

3,712

4,293

2.6

2.5

39.0

46.0

14.6

12.4

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

140

29,802

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

Accumulate

302

325

11,176

1,783

2,309

2.6

12.7

16.4

23.8

18.4

2.6

2.3

12.8

13.3

South Ind.Bank

Neutral

3,031

6,435

7,578

2.5

2.7

3.1

8.3

7.2

1.1

0.9

10.1

11.2

St Bk of India

Neutral

252

195,350

88,650

98,335

2.6

13.5

18.8

18.6

13.4

1.8

1.6

7.0

8.5

Union Bank

Neutral

141

9,714

13,450

14,925

2.3

25.5

34.5

5.5

4.1

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,236

52,035

8,978

11,281

3.3

3.4

74.0

90.0

16.7

13.7

3.2

2.7

17.0

17.2

FMCG

Asian Paints

Neutral

1,180

113,224

17,128

18,978

16.8

16.4

19.1

20.7

61.8

57.0

21.5

20.3

34.8

35.5

6.5

5.9

Britannia

Neutral

3,417

40,992

9,795

11,040

14.6

14.9

80.3

94.0

42.6

36.4

17.5

13.5

41.2

4.1

3.5

Colgate

Neutral

974

26,485

4,605

5,149

23.4

23.8

26.9

40.9

36.2

22.7

17.7

64.8

66.8

5.7

5.1

Dabur India

Neutral

281

49,485

8,315

9,405

19.8

20.7

8.1

9.2

34.7

30.6

9.7

8.0

31.6

31.0

5.6

4.9

GlaxoSmith Con*

Neutral

6,110

25,698

4,350

4,823

21.2

21.4

179.2

196.5

34.1

31.1

9.1

7.7

27.1

26.8

5.3

4.7

Godrej Consumer

Neutral

1,601

54,508

10,235

11,428

18.4

18.6

41.1

44.2

39.0

36.2

8.6

7.3

24.9

24.8

5.4

4.8

HUL

Neutral

893

193,191

35,252

38,495

17.6

17.4

20.4

21.9

43.7

40.8

35.9

31.5

82.2

77.3

5.3

4.8

ITC

Accumulate

248

283

299,598

40,059

44,439

39.0

39.2

9.1

10.1

27.3

24.6

7.4

6.5

27.2

26.5

7.0

6.3

Marico

Neutral

279

36,054

6,430

7,349

18.8

19.5

6.4

7.7

43.7

36.3

13.2

11.1

33.2

32.5

5.4

4.7

Nestle*

Neutral

6,505

62,720

10,073

11,807

20.7

21.5

124.8

154.2

52.1

42.2

21.4

19.3

34.8

36.7

6.0

5.1

Tata Global

Neutral

141

8,877

8,675

9,088

9.8

7.4

8.2

19.0

17.2

2.2

2.1

7.9

8.1

0.9

Procter & Gamble

Accumulate

6,870

7,369

22,301

2,939

3,342

23.2

23.0

146.2

163.7

47.0

42.0

105.2

100.9

25.3

23.5

7.1

6.2

Hygiene

www.angelbroking.com

Stock Watch

September 27, 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

HCL Tech^

Buy

787

1,000

111,090

49,242

57,168

20.5

55.7

64.1

14.1

12.3

2.9

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

1,036

1,370

237,895

69,934

79,025

27.5

64.8

72.0

16.0

14.4

3.5

3.2

22.0

22.3

2.9

2.5

TCS

Buy

2,401

3,004

473,070

121,684

136,286

27.3

135.0

150.1

17.8

16.0

5.9

5.4

33.2

33.9

3.7

3.2

Tech Mahindra

Buy

448

700

43,458

30,347

33,685

17.0

37.5

41.3

11.9

10.8

2.6

2.3

21.8

20.7

1.2

1.0

Wipro

Buy

479

680

116,383

51,631

55,822

21.7

17.9

35.9

36.9

13.3

13.0

2.8

2.6

19.0

18.1

1.9

1.7

Media

D B Corp

Neutral

399

7,327

2,297

2,590

27.4

28.2

21.0

23.4

19.0

17.0

4.4

3.8

23.7

23.1

3.0

2.6

HT Media

Neutral

1,909

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

192

225

6,273

2,355

2,635

28.0

10.8

12.5

17.8

15.4

3.9

3.3

21.7

2.7

2.4

Sun TV Network

Neutral

497

19,604

2,850

3,265

70.1

71.0

26.2

30.4

19.0

16.4

4.9

4.3

24.3

25.6

6.5

5.5

Hindustan Media

Neutral

283

2,080

1,016

1,138

24.3

25.2

27.3

30.1

10.4

9.4

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

TV Today Network

Buy

306

363

1,822

637

743

27.5

18.4

21.4

16.6

14.3

2.9

2.5

17.4

17.2

2.5

2.0

Metals & Mining

Coal India

Neutral

333

210,114

84,638

94,297

21.4

22.3

24.5

27.1

13.6

12.3

5.7

5.4

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

229

96,612

14,252

18,465

55.9

48.3

15.8

21.5

14.5

10.6

2.4

2.1

17.0

20.7

6.8

5.2

Hindalco

Neutral

153

31,625

107,899

112,095

7.4

8.2

9.2

13.0

16.7

11.8

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,758

42,504

53,201

58,779

16.1

16.2

130.6

153.7

13.5

11.4

1.8

1.6

14.0

14.4

1.6

1.4

NMDC

Neutral

106

41,967

6,643

7,284

44.4

47.7

7.1

7.7

14.9

13.8

1.3

8.8

9.2

4.1

3.7

SAIL

Neutral

19,804

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.4

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

169

49,985

71,744

81,944

19.2

21.7

13.4

20.1

12.6

8.4

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

370

35,974

121,374

121,856

7.2

8.4

18.6

34.3

19.9

10.8

1.2

1.1

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

194

36,429

9,127

10,632

4.3

20.6

8.8

11.7

22.1

16.6

0.7

3.3

4.2

5.5

4.5

GAIL

Neutral

377

47,860

56,220

65,198

9.3

10.1

27.1

33.3

13.9

11.3

1.3

1.2

9.3

10.7

1.0

0.9

ONGC

Neutral

251

214,315

137,222

152,563

15.0

21.8

19.5

24.1

12.9

10.4

1.1

1.0

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

592

143,783

373,359

428,656

5.9

5.5

54.0

59.3

11.0

10.0

1.7

1.5

16.0

15.6

0.5

Reliance Industries

Neutral

1,109

359,701

301,963

358,039

12.1

12.6

87.7

101.7

12.7

10.9

1.3

1.2

10.7

11.3

1.7

1.4

Pharmaceuticals

Alembic Pharma

Neutral

685

12,907

3,483

4,083

20.2

21.4

24.3

30.4

28.2

22.5

6.4

5.1

25.5

25.3

3.6

3.0

Aurobindo Pharma

Neutral

838

49,026

15,720

18,078

23.7

41.4

47.3

20.2

17.7

5.3

4.1

29.6

26.1

3.3

2.9

Sanofi India*

Neutral

4,257

9,804

2,357

2,692

17.3

153.5

169.2

27.7

25.2

4.7

3.8

25.8

28.4

3.8

3.1

Cadila Healthcare

Neutral

393

40,248

11,126

13,148

22.0

17.1

20.0

23.0

19.7

5.9

4.7

28.8

26.6

3.6

3.0

Cipla

Sell

604

490

48,552

15,378

18,089

17.4

18.4

21.6

27.2

28.0

22.2

3.6

3.2

13.7

15.2

3.4

2.8

www.angelbroking.com

Stock Watch

September 27, 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

Dr Reddy's

Neutral

3,191

52,882

16,043

18,119

23.1

24.7

126.0

157.8

25.3

20.2

3.7

3.2

15.7

17.1

3.3

2.9

Dishman Pharma

Sell

215

3,475

1,718

1,890

22.7

22.8

9.5

11.3

22.7

19.1

2.2

2.0

10.1

10.9

2.5

2.2

GSK Pharma*

Neutral

2,797

23,692

3,528

3,811

16.6

18.8

51.8

59.4

54.0

47.1

14.5

14.4

26.3

30.6

6.5

6.1

Indoco Remedies

Sell

343

225

3,164

1,112

1,289

18.2

13.2

15.6

26.0

22.0

4.6

3.9

19.2

3.0

2.6

Ipca labs

Neutral

593

7,476

3,303

3,799

15.3

17.3

19.7

34.3

30.1

3.0

2.7

9.1

9.4

2.4

2.1

Lupin

Buy

1,495

1,809

67,403

15,912

18,644

26.4

26.7

58.1

69.3

25.7

21.6

5.0

4.1

21.4

20.9

4.3

3.5

Sun Pharma

Buy

766

944

184,437

31,129

35,258

30.0

30.9

28.0

32.8

27.4

23.4

4.2

3.5

18.7

18.9

5.5

4.7

Power

Tata Power

Neutral

20,515

36,916

39,557

17.4

27.1

5.1

6.3

14.9

12.0

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

152

125,537

86,605

95,545

17.5

20.8

11.8

13.4

12.9

11.4

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

175

91,657

25,763

29,762

74.3

73.1

14.8

17.3

11.8

10.1

1.9

1.6

16.9

17.5

7.8

7.5

Real Estate

MLIFE

Buy

442

522

1,813

1,152

1,300

22.7

24.6

29.9

35.8

14.8

12.3

1.1

1.0

7.6

8.6

2.3

1.9

Telecom

Bharti Airtel

Neutral

320

128,097

105,086

114,808

34.5

34.7

12.2

16.4

26.3

19.5

1.8

1.7

6.8

8.4

2.1

1.9

Idea Cellular

Neutral

28,986

40,133

43,731

37.2

37.1

6.4

6.5

12.6

12.4

1.1

1.0

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,761

10,116

3,153

3,583

14.1

14.4

152.2

182.7

31.3

26.1

153.6

131.2

25.6

26.1

2.9

2.5

Bajaj Electricals

Accumulate

270

306

2,732

5,099

5,805

5.6

5.9

11.4

14.6

23.8

18.6

3.2

2.8

13.4

15.1

0.5

Finolex Cables

Neutral

431

6,599

2,883

3,115

12.0

12.1

14.2

18.6

30.4

23.2

16.2

14.1

15.8

14.6

2.0

1.8

Goodyear India*

Accumulate

626

684

1,444

1,598

1,704

10.4

10.2

49.4

52.6

12.7

11.9

58.5

51.3

18.2

17.0

0.6

79.8

Hitachi

Neutral

1,588

4,318

2,081

2,433

8.8

8.9

33.4

39.9

47.5

39.8

38.4

32.0

22.1

21.4

2.1

1.7

Jyothy Laboratories

Neutral

344

6,226

1,440

2,052

11.5

13.0

8.5

10.0

40.4

34.4

9.8

9.1

18.6

19.3

4.6

3.2

Page Industries

Neutral

14,858

16,572

2,450

3,124

20.1

17.6

299.0

310.0

49.7

47.9

330.9

252.6

47.1

87.5

6.8

5.4

Relaxo Footwears

Neutral

458

5,492

2,085

2,469

9.2

8.2

7.6

8.0

60.5

57.6

23.5

20.0

17.9

18.8

2.7

2.3

Siyaram Silk Mills

Accumulate

1,316

1,469

1,233

1,799

2,040

11.6

11.7

104.9

122.4

12.5

10.8

2.1

1.8

16.4

0.9

0.8

Styrolution ABS India*

Neutral

598

1,052

1,440

1,537

9.2

9.0

40.6

42.6

14.7

14.0

37.6

34.2

12.3

11.6

0.7

0.6

TVS Srichakra

Neutral

3,016

2,309

2,304

2,614

13.7

13.8

231.1

266.6

13.1

11.3

338.9

266.8

33.9

29.3

1.0

0.9

HSIL

Neutral

341

2,466

2,384

2,515

15.8

16.3

15.3

19.4

22.3

17.6

22.2

19.1

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

331

4,782

2,554

2,800

9.9

10.0

10.5

12.1

31.5

27.3

13.2

12.4

10.7

11.7

1.5

1.3

Ltd

M M Forgings

Neutral

424

512

546

608

20.4

20.7

41.3

48.7

10.3

8.7

58.1

51.4

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

218

1,561

1,353

1,471

12.3

12.4

14.5

16.3

15.1

13.4

20.8

18.7

14.5

14.6

1.1

117.5

Competent Automobiles Neutral

195

120

1,137

1,256

3.1

2.7

28.0

23.6

7.0

8.3

37.5

33.9

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

September 27, 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

Nilkamal

Neutral

1,331

1,986

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

Visaka Industries

Neutral

197

313

1,051

1,138

10.3

10.4

21.0

23.1

9.4

8.5

25.3

23.7

9.0

9.2

0.6

0.5

Transport Corporation of

Neutral

194

1,484

2,671

2,911

8.5

8.8

13.9

15.7

14.0

12.4

1.9

1.7

13.7

13.8

0.7

0.6

India

Elecon Engineering

Neutral

662

1,482

1,660

13.7

14.5

3.9

5.8

15.6

10.5

3.7

3.4

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

228

998

3,342

3,625

7.8

7.5

17.3

19.8

13.2

11.5

25.0

20.1

10.5

10.8

0.6

0.5

MT Educare

Neutral

131

521

366

417

17.7

18.2

9.4

10.8

14.0

12.1

3.1

2.7

22.2

22.3

1.3

1.1

Radico Khaitan

Accumulate

119

125

1,578

1,659

1,802

13.0

13.2

6.3

7.4

18.7

16.1

1.6

1.5

8.6

9.3

1.4

1.3

Garware Wall Ropes

Neutral

519

1,137

873

938

12.9

13.1

30.9

34.9

16.8

14.9

2.6

2.3

15.7

15.2

1.2

1.1

Wonderla Holidays

Neutral

387

2,187

287

355

38.0

40.0

11.3

14.2

34.3

27.3

4.9

4.3

21.4

23.9

7.3

5.9

Linc Pen & Plastics

Neutral

275

407

382

420

9.3

9.5

13.5

15.7

20.4

17.5

3.5

3.0

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

161

644

287

384

20.5

7.6

10.7

21.1

15.0

4.4

3.6

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

939

33,836

21,122

26,005

14.5

27.6

110.7

132.1

8.5

7.1

50.8

36.3

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

225

4,642

2,964

3,260

20.5

21.2

4.7

8.0

28.2

2.6

2.4

5.5

8.5

2.0

1.8

Ltd

Navneet Education

Neutral

100

2,393

1,062

1,147

24.0

6.1

6.6

16.5

15.2

3.4

3.0

20.6

19.8

2.3

2.2

Navkar Corporation

Buy

194

265

2,761

408

612

42.9

42.3

6.8

11.5

28.6

16.8

2.0

1.8

6.9

10.5

7.7

5.1

UFO Moviez

Neutral

479

1,323

619

685

33.2

33.4

30.0

34.9

16.0

13.7

2.2

1.9

13.8

13.9

1.8

1.5

VRL Logistics

Neutral

297

2,705

1,902

2,119

16.7

16.6

14.6

16.8

20.4

17.6

4.5

3.9

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

1,095

1,872

3,229

4,001

1.5

1.8

22.8

32.8

48.1

33.3

5.2

4.5

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

314

4,537

1,036

1,160

15.1

15.0

6.1

7.2

51.4

43.7

5.5

5.0

10.7

11.5

4.2

3.8

Quick Heal

Neutral

231

1,617

408

495

27.3

27.0

7.7

8.8

29.8

26.3

2.8

9.3

10.6

3.1

2.6

Narayana Hrudaya

Neutral

325

6,648

1,873

2,166

11.5

11.7

2.6

4.0

123.0

82.1

7.6

6.8

6.1

8.3

3.6

3.1

Manpasand Bever.

Neutral

730

3,655

836

1,087

19.6

19.4

16.9

23.8

43.2

30.7

5.2

4.5

12.0

14.8

4.1

3.1

Parag Milk Foods

Neutral

295

2,481

1,919

2,231

9.3

9.6

9.5

12.9

31.2

22.8

4.9

4.0

15.5

17.5

1.4

1.2

Mirza International

Buy

113

1,125

1,024

1,148

18.0

6.9

8.0

13.6

11.7

2.3

1.9

16.6

16.2

1.3

1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 26, 2016

www.angelbroking.com

Market Outlook

September 27, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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