Market Outlook
October 28, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to negative tracking global cues and SGX Nifty.
BSE Sensex
0.3
79
27,916
Nifty
0.0
0
8,615
U.S. indices had a negative session on Thursday as the latest earning results came
in. Shares of Nokia (NOK) were down more than 8% after the telecom equipment
Mid Cap
(1.0)
(139)
13,282
company reported a third consecutive quarterly loss. In economic news, the Labor
Small Cap
(0.8)
(103)
13,326
Department released a report showing a modest drop in initial jobless claims for
Bankex
(0.1)
(17)
22,330
the week ending October 22nd. Another report from the Commerce Department
showed an unexpected drop in durable goods orders in the month of September.
Global Indices
Chg (%)
(Pts)
(Close)
UK’s FTSE index closed higher on a better than expected GDP growth. GDP growth
Dow Jones
(0.2)
(30)
18,170
climbed 0.5% QoQ, against an expectation of 0.3% QoQ. Also British retailers
reported the strongest increase in sales volume in a year for the month of October.
Nasdaq
(0.7)
(34)
5,216
Among banks, Barclays climbed
3.9% after it reported better than expected
FTSE
0.4
28
6,987
earnings.
Nikkei
(0.3)
(55)
17,336
Indian indices closed flat on Thursday as weakness from Tata Group stocks kept the
Hang Seng
(0.8)
(193)
23,132
indices under pressure. Tata Group shares extended recent losses and were down in
Shanghai Com
(0.1)
(4)
3,112
a range of negative 1-5 percent. Maruti Suzuki India closed flat despite posting a
record quarterly profit for Q2FY17. Dr Reddy's Laboratories rallied 2.4% after it
joined hands with Gland Pharma to market and distribute a portfolio of eight
Advances / Declines
BSE
NSE
injectable Abbreviated New Drug Applications (ANDAs).
Advances
1,048
545
Declines
1,639
1,086
Result Review
Unchanged
258
58
Result Review: GSK Pharmaceuticals, Dishman Pharma, Tech Mahindra
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
3,265
NSE
26,858
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
(1,513)
(3,014)
46,991
Top Picks
MFs
729
6,016
19,963
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancill.
Buy
998
1,218
22.1
Top Gainers
Price (`)
Chg (%)
HCL Tech
IT
Buy
775
1,000
29.1
Iifl
308
8.3
Bharat Electronics
Capital Goods
Accumulate
1,259
1,414
12.3
Sjvn
34
4.8
Equitas Holdings
Financials
Buy
178
235
32.4
Hdfc
1,383
3.6
Navkar Corporation Others
Buy
198
265
33.5
More Top Picks on Pg5
Gruh
340
3.4
Adanipower
27
3.1
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Losers
Price (`)
Chg (%)
Oct 28 US
GDP QoQ (Annualised)
1.4
2.5
Eclerx
1,498
(10.4)
Oct 28 Euro Zone
Euro Zone Consumer Confidence
(8.0)
(8.0)
Torntpharm
1,428
(8.8)
Oct 31 Euro Zone
Euro Zone s.a. (QoQ)
0.3
--
Nov 01 Germany
PMI Manufacturing
55.1
--
Mrf
46,455
(6.4)
Nov 01 UK
PMI Manufacturing
55.4
54.2
Jublfood
995
(6.0)
6.(
More Events on Pg6
Indhotel
114
(5.8)
As on October 27, 2016
Market Outlook
October 28, 2016
Result Review
GSK Pharmaceuticals (CMP: `2,920 / TP: /Upside :)
In rupee terms, the consolidated revenues; came in at `783cr V/s `685cr in
2QFY2016, expected up 13.1% yoy. On operating front, the gross margins came
in at 53.8% V/s 56.4% in 2QFY2017, which aided EBITDA margins came in at
15.9% V/s 17.4% in 2QFY2016. Consequently, Adj. PAT came in at `98cr V/s
`101cr in 2QFY2016, yoy de-growth of 3.4%. We maintain our neutral rating on
the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
3,200
16.6
439
51.8
26.3
60.6
16.1
48.1
8.0
FY2018E
3,527
18.8
503
59.4
30.6
52.9
16.2
38.7
7.3718
Dishman Pharma (CMP: `228 / TP: /Upside:)
Dishman Pharma, posted results better than expectations. In sales it posted sales
of `427cr V/s `374cr up by 14.3% yoy, mainly on back of CRAMS. CRAMS sales
(`324cr, which grew by 20.1% yoy), while others (`103cr) posted de-growth of
4.9%. On operating front, the gross margins came in at 78.5% (75.8% expected)
V/s 75.8% in 2QFY2016, with EBIDTA margins coming in at 24.9% (22.5%
expected) V/s 22.5% in 2QFY2016. Consequently, PAT came in at `54.9cr V/s
`36.5cr, a yoy growth of 50.3%. This was against, the expectations of `34.3cr. We
put our rating under review.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(`cr)
(%)
(`cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
1,718
22.7
154
9.5
10.1
25.3
2.5
11.9
2.7
FY2018E
1,890
22.8
182
11.3
10.9
21.4
2.2
10.3
2.4
Tech Mahindra (CMP: `425 / TP:`700 /Upside: 64.7%)
Tech Mahindra is expected to post sales of US$107mn V/s US$106mn expected,
registering a qoq growth of 4.0%. On Constant Currency (CC) terms, the company
posted a qoq growth of 5.0%. In ` terms, the company posted a `7,167cr V/s
`7,068cr expected V/s `6,921cr, a qoq growth of 3.6%.
In terms of geography, Europe was the key driver, contributing about 29.7% of
sales in 2QFY2017 V/s 28.3% in 1QFY2017. In terms, of Industry, Manufacturing
(19.2% of sales in 2QFY2017 V/s 18.1% in 1QFY2017) was the main growth
driver.
On EBIDTA margins, came in at 14.9% V/s 14.6% expected V/s 14.6% in
1QFY2017. Margins adjusting for one-time restricting expense came in at 16.1%,
expansion of 120bps qoq. Consequently, PAT, came in at `645cr V/s `755cr
expected V/s `750cr in 1QFY2017, a qoq growth of 13.4%.
On operating front, the utilization (excluding trainee) was flat at 82.0%, while the
attrition came in at 19.0% in 2QFY2017 V/s 21.0% in 1QFY2017. In terms of
Market Outlook
October 28, 2016
client addition, the net additions were at 7, with > US10+mn addition in 2. We
maintain our buy rating on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(`cr)
(%)
(`cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
29,673
17.0
3,559
36.8
21.5
11.6
2.5
6.8
1.2
FY2018E
32,937
17.0
3,917
40.5
20.5
10.5
2.2
5.8
1.0
Quarterly Bloomberg Brokers Consensus Estimate
Sesa Sterlite Ltd Consol - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
15,870
16,349
(2.9)
14,364
10.5
EBITDA
3,613
4,000
(9.7)
3,506
3.1
EBITDA margin (%)
22.8
24.5
24.4
Net profit
766
974
(21.4)
615
24.5
Bajaj Auto Ltd - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
5,960
5,981
(0.3)
5,644
5.6
EBITDA
1,236
1,317
(6.15)
1,365
(9.45)
EBITDA margin (%)
20.7
21.6
24.2
Net profit
952
933
2.0
978
(2.7)
Colgate Palmolive India Ltd - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
1,090
1,032
5.7
1,006
8.4
EBITDA
229
255
(10.2)
211
8.3
EBITDA margin (%)
21.0
24.7
21.0
Net profit
140
157
(10.6)
126
11.6
Grasim Industries Ltd Consol - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
9,357
8,297
12.8
9,004
3.9
EBITDA
1,913
1,398
36.9
2,025
(5.5)
EBITDA margin (%)
20.4
16.8
22.5
Net profit
730
489
49.4
830
(12.1)
Nestle India Ltd - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
2,364
1,736
36.2
2,256
4.8
EBITDA
485
269
80.1
435
11.3
EBITDA margin (%)
20.5
15.5
19.3
Net profit
286
149
92.3
252
13.7
Market Outlook
October 28, 2016
NTPC Ltd - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
18,520
17,723
4.5
18,940
(2.2)
EBITDA
5,080
4,031
26.0
5,211
(2.5)
EBITDA margin (%)
27.4
22.7
27.5
Net profit
2,396
2,898
(17.3)
2,370
1.1
Marico Ltd - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
1513
1485
1.9
1754
(13.7)
EBITDA
262
226
15.9
374
(29.9)
EBITDA margin (%)
17.3
15.2
Net profit
178
151
17.9
268
(33.6)
Eicher Motor Ltd - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
1906
3122
(38.9)
1555
22.6
EBITDA
571
492
16.1
447
27.7
EBITDA margin (%)
30
15.8
Net profit
416
255
63.1
360
15.6
UPL Ltd - Oct 28, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
3290
2801
17.5
3510
(6.3)
EBITDA
634
516
22.9
671
(5.5)
EBITDA margin (%)
19.3
18.4
Net profit
287
185
55.1
402
(28.3)
Economic and Political News
RBI allows start-ups to raise up to $3 million via external commercial
borrowing
Cabinet gives in-principle approval to strategic sale and disinvestment in the
public sector units as recommended by the NITI Aayog
Cabinet approves New Productivity Linked Reward Scheme for all Major Port
Trusts and Dock Labour Board employees/workers
Corporate News
TVS Motors plans to launch 310cc vehicle from BMW tie-up
Srei group launches a digital marketplace called iQuippo for equipment sale
and rental
RP-Sanjiv Goenka Group to consider reorganising power business
Market Outlook
October 28, 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
17,045
998
1,218
22.1
products leading to market share gains in both the
automotive OEM and replacement segments.
Healthy pace of branch expansion, backed by distribution
Axis Bank
1,15,817
485
630
29.8
network, will be the driving force for the bank’s retail business
and overall earnings.
Uptick in defense capex by government when coupled with
Bharat Electronics
30,226
1,259
1,414
12.3
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
1,09,298
775
1,000
29.1
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,31,107
1,006
1,249
24.1
to be a US$20bn in FY2020.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
823
274
351
28.3
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,630
260
306
17.6
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
5,265
552
634
14.8
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
10,155
324
350
7.9
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
5,953
178
235
32.4
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
6,381
195
225
15.3
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,747
426
522
22.6
in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
1,119
93
113
21.5
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,830
198
265
33.5
as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,441
1,538
1,714
11.5
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
1,986
333
363
9.0
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
October 28, 2016
Key Upcoming Events
Result Calendar
Date
Company
Oct 28, 2016
United Phosphorus, Bajaj Auto, Subros, IDFC, Nestle, Colgate, Marico, Sesa Goa, Heritage Foods, NTPC
Nov 1, 2016
Hindustan Media Ventures
Nov 2, 2016
HT Media
Nov 3, 2016
Ambuja Cements, Mphasis, MM Forging
Nov 4, 2016
Union Bank, Allahabad Bank, Competent Automobiles, Transport Corporation of India, Radico Khaitan
Nov 5, 2016
Amara Raja Batteries, Mangalam Cement, Punjab Natl.Bank, Sterling Tools
Nov 7, 2016
ICICI Bank, Godrej Consumer, GlaxoSmith Con, Britannia, Cravatex, Aventis
Nov 8, 2016
Bharat Forge, Ashok Leyland, Vesuvius India
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Oct 28, 2016 6:00PM US
GDP Qoq (Annualised)
% Change
3Q A
1.40
2.50
2:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Oct F
(8.00)
(8.00)
Oct 31, 2016 3:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
3Q A
0.30
--
Nov 1, 2016
2:25PM Germany
PMI Manufacturing
Value
Oct F
55.10
--
3:00PM UK
PMI Manufacturing
Value
Oct
55.40
54.20
Nov 2, 2016
6:30AM China
PMI Manufacturing
Value
Oct
50.40
50.40
2:25PM Germany
Unemployment change (000's)
Thousands
Oct
1.00
--
11:30PM US
FOMC rate decision
%
Nov 2
0.50
0.50
Nov 3, 2016
5:30PM UK
BOE Announces rates
% Ratio
Nov 3
0.25
0.25
Nov 4, 2016
2:25PM Germany
PMI Services
Value
Oct F
54.10
--
6:00PM US
Change in Nonfarm payrolls
Thousands
Oct
156.00
169.00
6:00PM US
Unnemployment rate
%
Oct
5.00
4.90
Nov 8, 2016
China
Exports YoY%
% Change
Oct
(10.00)
--
3:00PM UK
Industrial Production (YoY)
% Change
Sep
0.70
--
Nov 9, 2016
7:00AM China
Consumer Price Index (YoY)
% Change
Oct
1.90
--
Nov 10, 2016
India
Exports YoY%
% Change
Oct
4.60
--
India
Imports YoY%
% Change
Oct
(2.50)
--
Nov 11, 2016 5:30PM India
Industrial Production YoY
% Change
Sep
(0.70)
--
Nov 14, 2016 7:30AM China
Industrial Production (YoY)
% Change
Oct
6.10
--
12:00PM India
Monthly Wholesale Prices YoY%
% Change
Oct
3.57
--
Nov 15, 2016 3:00PM UK
CPI (YoY)
% Change
Oct
1.00
--
12:30PM Germany
GDP nsa (YoY)
% Change
3Q P
3.10
--
Nov 16, 2016 3:00PM UK
Jobless claims change
% Change
Oct
0.70
--
7:45PM US
Industrial Production
%
Oct
0.06
--
US
Producer Price Index (mom)
% Change
Oct
0.80
--
Source: Bloomberg, Angel Research
Market Outlook
October 28, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.9
10.0
8.0
7.5
7.5
7.6
7.2
7.1
8.0
6.6
6.7
7.0
6.4
6.0
5.8
6.0
4.0
1.9
2.0
1.3
2.0
0.3
5.0
-
4.0
(2.0)
(0.7)
(0.9)
(1.3)
(1.6)
(4.0)
(2.5)
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
54.0
5.6
5.7
5.8
5.8
6.0
5.4
5.5
5.0
5.3
5.1
53.0
4.8
5.0
4.3
52.0
4.0
51.0
50.0
3.0
49.0
2.0
48.0
1.0
47.0
46.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
10.0
7.00
5.0
6.50
0.0
6.00
(5.0)
5.50
(10.0)
5.00
(15.0)
4.50
(20.0)
4.00
(25.0)
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
October 28, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
0.6
5.2
4.0
3.5
4.0
3.1
2.1
2.0
1.3
1.3
0.8
-
(2.0)
(0.6)
(4.0)
(3.8)
(6.0)
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)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
October 28, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
64,250
10.7
13.0
34.5
Russia
Micex
1,980
0.2
1.8
14.7
India
Nifty
8,615
(2.4)
0.9
4.1
China
Shanghai Composite
3,112
2.9
2.5
(9.1)
South Africa
Top 40
44,591
0.4
(4.9)
(7.5)
Mexico
Mexbol
48,115
0.8
2.7
7.8
Indonesia
LQ45
928
(1.4)
1.8
18.1
Malaysia
KLCI
1,669
(0.0)
0.0
(2.1)
Thailand
SET 50
941
(0.8)
(2.0)
1.9
USA
Dow Jones
18,170
(0.3)
(1.6)
2.3
UK
FTSE
6,987
2.6
4.0
9.8
Japan
Nikkei
17,336
4.8
4.3
(4.4)
Germany
DAX
10,717
3.1
4.3
(1.2)
France
CAC
4,534
3.1
2.1
(9.0)
Source: Bloomberg, Angel Research
Stock Watch
October 28, 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
221
-
4,297
1,937
2,164
13.3
14.3
9.0
11.0
24.6
20.1
4.3
3.7
18.4
19.8
2.3
2.0
United Phosphorus
Neutral
706
-
35,793
15,176
17,604
18.5
18.5
37.4
44.6
18.9
15.8
3.7
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
85
111
24,176
22,407
26,022
10.6
10.6
5.2
6.4
16.3
13.2
3.7
3.1
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,764
-
79,991
25,093
27,891
19.5
19.2
143.9
162.5
19.2
17.0
5.4
4.6
30.3
29.4
2.9
2.5
Bharat Forge
Neutral
857
-
19,950
7,726
8,713
20.5
21.2
35.3
42.7
24.3
20.1
4.5
4.1
18.9
20.1
2.6
2.3
Eicher Motors
Neutral
24,492
-
66,523
16,583
20,447
17.5
18.0
598.0
745.2
41.0
32.9
14.0
10.7
41.2
38.3
3.8
3.1
Gabriel India
Neutral
124
-
1,783
1,544
1,715
9.0
9.3
5.4
6.3
23.0
19.7
4.3
3.8
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,315
-
66,191
31,253
35,198
15.3
15.0
172.3
192.1
19.2
17.3
7.0
6.0
38.9
37.0
2.0
1.7
Jamna Auto Industries Neutral
223
-
1,779
1,486
1,620
9.8
9.9
15.0
17.2
14.9
13.0
3.3
2.8
21.8
21.3
1.3
1.1
L G Balakrishnan & Bros Neutral
694
-
1,089
1,302
1,432
11.6
11.9
43.7
53.0
15.9
13.1
2.2
2.0
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,301
-
80,792
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
Neutral
5,860
-
177,011
69,186
82,217
14.7
14.4
198.5
241.4
29.5
24.3
5.7
4.7
20.2
20.0
2.3
1.8
Minda Industries
Neutral
360
-
2,856
2,728
3,042
9.0
9.1
68.2
86.2
5.3
4.2
1.2
1.0
23.8
24.3
1.1
1.0
Motherson Sumi
Neutral
327
-
45,919
45,896
53,687
7.8
8.3
13.0
16.1
25.1
20.3
8.1
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
1,155
-
915
511
562
11.3
11.5
28.1
30.9
41.1
37.4
6.3
5.7
15.3
15.0
1.9
1.8
Setco Automotive
Neutral
42
-
564
741
837
13.0
13.0
15.2
17.0
2.8
2.5
0.5
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
522
-
150,669
300,209
338,549
8.9
8.4
42.7
54.3
12.2
9.6
2.0
1.7
15.6
17.2
0.6
0.5
TVS Motor
Neutral
411
-
19,545
13,390
15,948
6.9
7.1
12.8
16.5
32.2
24.9
8.0
6.4
26.3
27.2
1.5
1.2
Amara Raja Batteries
Buy
998
1,218
17,045
5,429
6,471
17.5
17.6
35.3
43.5
28.3
22.9
6.5
5.3
25.3
24.8
3.0
2.4
Exide Industries
Neutral
191
-
16,261
7,439
8,307
15.0
15.0
8.1
9.3
23.6
20.6
3.3
3.0
14.3
16.7
1.8
1.6
Apollo Tyres
Buy
200
235
10,168
12,877
14,504
14.3
13.9
21.4
23.0
9.3
8.7
1.5
1.3
16.4
15.2
1.0
0.9
Ceat
Buy
1,197
1,450
4,840
7,524
8,624
13.0
12.7
131.1
144.3
9.1
8.3
1.7
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
139
-
3,156
7,455
8,056
15.0
15.0
21.8
24.5
6.4
5.7
1.3
1.1
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
1,340
-
1,664
660
810
15.2
16.4
54.5
72.8
24.6
18.4
7.7
7.0
31.5
39.2
2.3
1.9
Subros
Neutral
145
-
871
1,488
1,681
11.7
11.9
6.4
7.2
22.7
20.3
2.4
2.2
10.8
11.4
0.8
0.7
Indag Rubber
Neutral
190
-
499
286
326
19.8
16.8
11.7
13.3
16.3
14.3
2.7
2.6
17.8
17.1
1.4
1.2
Capital Goods
ACE
Neutral
46
-
450
709
814
4.1
4.6
1.4
2.1
32.5
21.7
1.3
1.3
4.4
6.0
0.8
0.7
BEML
Buy
922
1,157
3,839
3,451
4,055
6.3
9.2
31.4
57.9
29.4
15.9
1.8
1.6
6.3
10.9
1.2
1.0
Bharat Electronics
Accumulate
1,259
1,414
30,226
8,137
9,169
16.8
17.2
58.7
62.5
21.5
20.2
3.3
3.0
44.6
46.3
2.7
2.4
Stock Watch
October 28, 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
382
407
12,625
6,511
7,514
7.9
8.7
12.9
16.3
29.6
23.4
5.3
4.7
16.7
18.5
1.7
1.4
BGR Energy
Neutral
116
-
833
16,567
33,848
6.0
5.6
7.8
5.9
14.8
19.6
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
138
-
33,838
28,797
34,742
-
2.8
2.3
6.9
60.1
20.0
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Accumulate
552
634
5,265
4,283
5,077
5.9
7.3
14.9
22.1
37.1
25.0
7.2
6.1
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
74
-
4,641
5,777
6,120
5.9
7.0
3.3
4.5
22.4
16.5
1.0
0.9
4.4
5.9
0.8
0.6
Greaves Cotton
Neutral
137
-
3,352
1,755
1,881
16.8
16.9
7.8
8.5
17.6
16.2
3.5
3.3
20.6
20.9
1.6
1.5
Inox Wind
Buy
214
286
4,757
5,605
6,267
15.7
16.4
24.8
30.0
8.6
7.1
2.4
1.8
25.9
24.4
0.9
0.7
KEC International
Neutral
125
-
3,205
9,294
10,186
7.9
8.1
9.9
11.9
12.6
10.5
1.8
1.6
15.6
16.3
0.6
0.5
Thermax
Neutral
850
-
10,132
5,421
5,940
7.3
7.3
25.7
30.2
33.1
28.2
4.0
3.7
12.2
13.1
1.8
1.6
VATech Wabag
Buy
500
681
2,723
3,136
3,845
8.9
9.1
26.0
35.9
19.2
13.9
2.4
2.1
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,528
-
28,689
11,225
13,172
13.2
16.9
44.5
75.5
34.3
20.2
3.3
3.0
11.2
14.2
2.6
2.2
Ambuja Cements
Neutral
244
-
48,460
9,350
10,979
18.2
22.5
5.8
9.5
42.1
25.7
3.5
3.2
10.2
12.5
5.2
4.4
India Cements
Neutral
154
-
4,743
4,364
4,997
18.5
19.2
7.9
11.3
19.5
13.7
1.4
1.4
8.0
8.5
1.8
1.6
JK Cement
Neutral
929
-
6,494
4,398
5,173
15.5
17.5
31.2
55.5
29.8
16.7
3.6
3.1
12.0
15.5
2.0
1.7
J K Lakshmi Cement
Buy
480
565
5,652
2,913
3,412
14.5
19.5
7.5
22.5
64.0
21.4
3.9
3.3
12.5
18.0
2.5
2.1
Orient Cement
Buy
167
215
3,427
2,114
2,558
18.5
20.5
8.1
11.3
20.7
14.8
3.0
2.6
9.0
14.0
2.2
1.8
UltraTech Cement
Neutral
3,946
-
108,284
25,768
30,385
21.0
23.5
111.0
160.0
35.6
24.7
4.5
4.0
13.5
15.8
4.3
3.6
Construction
ITNL
Neutral
111
-
3,635
8,946
10,017
31.0
31.6
8.1
9.1
13.6
12.1
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Accumulate
763
802
2,146
1,385
1,673
14.7
14.0
41.2
48.5
18.5
15.7
3.5
3.0
14.9
15.2
1.6
1.3
Larsen & Toubro
Buy
1,473
1,700
137,322
67,665
77,249
10.7
11.5
57.3
71.2
25.7
20.7
2.4
2.2
12.6
14.3
2.2
1.9
Gujarat Pipavav Port
Neutral
166
-
8,042
705
788
52.2
51.7
5.0
5.6
33.3
29.7
3.3
2.9
11.2
11.2
11.1
9.4
Nagarjuna Const.
Neutral
91
-
5,048
8,842
9,775
9.1
8.8
5.3
6.4
17.1
14.2
1.4
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Buy
121
143
3,103
2,350
2,904
13.1
13.2
9.0
8.8
13.4
13.7
0.5
0.4
15.9
13.9
1.4
1.2
Simplex Infra
Neutral
331
-
1,638
6,829
7,954
10.5
10.5
31.4
37.4
10.6
8.9
1.1
1.0
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
511
-
752
1,801
2,219
12.7
14.6
72.1
113.9
7.1
4.5
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
275
298
4,715
3,598
4,140
10.3
10.6
9.0
11.9
30.5
23.1
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
239
-
14,352
7,428
9,549
7.9
8.6
8.2
11.0
29.2
21.8
1.5
1.1
28.2
28.7
1.6
1.2
MEP Infra
Neutral
42
-
683
1,877
1,943
30.6
29.8
3.0
4.2
14.0
10.0
6.8
4.6
0.6
0.6
1.7
1.6
SIPL
Neutral
103
-
3,626
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.4
(22.8)
(15.9)
11.7
9.7
Stock Watch
October 28, 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
268
-
9,030
1,725
1,935
16.0
19.1
11.4
13.9
23.5
19.3
3.2
3.1
13.4
15.3
4.2
3.7
Financials
Axis Bank
Buy
485
630
115,817
46,932
53,575
3.5
3.4
32.4
44.6
15.0
10.9
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
153
-
35,265
19,980
23,178
1.8
1.8
11.5
17.3
13.3
8.9
1.5
1.3
8.3
10.1
-
-
Canara Bank
Neutral
315
-
17,096
15,225
16,836
1.8
1.8
14.5
28.0
21.7
11.2
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Accumulate
324
350
10,155
2,225
2,688
2.9
2.9
29.7
34.6
10.9
9.4
1.8
1.5
16.1
16.8
-
-
Equitas Holdings
Buy
178
235
5,953
939
1,281
11.7
11.5
5.8
8.2
30.6
21.7
2.6
2.4
10.9
11.5
-
-
Federal Bank
Neutral
82
-
14,003
9,353
10,623
2.9
2.9
4.4
5.8
18.5
14.1
1.8
1.6
9.5
11.0
-
-
HDFC
Neutral
1,383
-
218,711
11,475
13,450
3.4
3.4
45.3
52.5
30.5
26.4
5.9
5.2
20.2
20.5
-
-
HDFC Bank
Accumulate
1,249
1,350
316,139
46,097
55,433
4.5
4.5
58.4
68.0
21.4
18.4
3.8
3.1
18.8
18.6
-
-
ICICI Bank
Neutral
284
-
165,172
39,029
45,903
3.3
3.3
16.7
16.3
17.0
17.4
2.1
1.9
10.1
12.4
-
-
LIC Housing Finance
Accumulate
586
630
29,563
3,712
4,293
2.6
2.5
39.0
46.0
15.0
12.7
2.8
2.4
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
142
-
30,207
23,532
23,595
2.3
2.4
6.8
12.6
20.9
11.3
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
361
-
13,356
1,783
2,309
2.6
2.6
12.7
16.4
28.4
22.0
3.1
2.8
12.8
13.3
-
-
South Ind.Bank
Neutral
24
-
3,180
6,435
7,578
2.5
2.5
2.7
3.1
8.7
7.6
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
255
-
197,990
88,650
98,335
2.6
2.6
13.5
18.8
18.9
13.6
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
144
-
9,903
13,450
14,925
2.3
2.3
25.5
34.5
5.7
4.2
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,254
-
52,804
8,978
11,281
3.3
3.4
74.0
90.0
17.0
13.9
3.2
2.7
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
1,086
-
104,202
17,128
18,978
16.8
16.4
19.1
20.7
56.9
52.5
19.8
18.7
34.8
35.5
6.0
5.4
Britannia
Accumulate
3,210
3,626
38,509
9,795
11,040
14.6
14.9
80.3
94.0
40.0
34.2
16.4
12.7
41.2
-
3.8
3.3
Colgate
Accumulate
939
995
25,534
4,605
5,149
23.4
23.4
23.8
26.9
39.5
34.9
21.8
17.1
64.8
66.8
5.5
4.9
Dabur India
Accumulate
289
304
50,883
8,315
9,405
19.8
20.7
8.1
9.2
35.7
31.4
9.9
8.2
31.6
31.0
5.8
5.1
GlaxoSmith Con*
Neutral
6,029
-
25,354
4,350
4,823
21.2
21.4
179.2
196.5
33.6
30.7
8.9
7.6
27.1
26.8
5.2
4.6
Godrej Consumer
Neutral
1,582
-
53,876
10,235
11,428
18.4
18.6
41.1
44.2
38.5
35.8
8.5
7.2
24.9
24.8
5.3
4.7
HUL
Neutral
841
-
181,927
35,252
38,495
17.6
17.4
20.4
21.9
41.2
38.4
33.8
29.7
82.2
77.3
5.0
4.5
ITC
Buy
243
283
293,683
40,059
44,439
39.0
39.2
9.1
10.1
26.8
24.1
7.3
6.4
27.2
26.5
6.8
6.1
Marico
Accumulate
278
300
35,918
6,430
7,349
18.8
19.5
6.4
7.7
43.5
36.2
13.1
11.1
33.2
32.5
5.4
4.7
Nestle*
Neutral
6,925
-
66,765
10,073
11,807
20.7
21.5
124.8
154.2
55.5
44.9
22.8
20.5
34.8
36.7
6.4
5.5
Tata Global
Neutral
138
-
8,694
8,675
9,088
9.8
9.8
7.4
8.2
18.6
16.8
2.1
2.0
7.9
8.1
0.9
0.9
Procter & Gamble
Accumulate
6,945
7,369
22,544
2,939
3,342
23.2
23.0
146.2
163.7
47.5
42.4
106.4
102.0
25.3
23.5
7.2
6.3
Hygiene
Stock Watch
October 28, 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
IT
HCL Tech^
Buy
775
1,000
109,298
49,242
57,168
20.5
20.5
55.7
64.1
13.9
12.1
2.8
2.2
20.3
17.9
2.1
1.7
Infosys
Buy
1,006
1,249
231,107
68,350
77,326
27.0
27.0
62.5
69.4
16.1
14.5
3.4
3.1
21.3
21.6
2.8
2.4
TCS
Accumulate
2,413
2,620
475,514
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
415
700
40,269
30,347
33,685
17.0
17.0
37.5
41.3
11.1
10.0
2.4
2.1
21.8
20.7
1.1
0.9
Wipro
Buy
463
590
112,458
55,440
60,430
18.1
18.1
35.9
39.9
12.9
11.6
2.3
2.1
19.0
19.3
1.7
1.6
Media
D B Corp
Neutral
383
-
7,044
2,297
2,590
27.4
28.2
21.0
23.4
18.3
16.4
4.3
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
88
-
2,040
2,693
2,991
12.6
12.9
7.9
9.0
11.1
9.7
0.9
0.9
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
195
225
6,381
2,355
2,635
28.0
28.0
10.8
12.5
18.1
15.6
3.9
3.4
21.7
21.7
2.7
2.4
Sun TV Network
Neutral
534
-
21,054
2,850
3,265
70.1
71.0
26.2
30.4
20.4
17.6
5.2
4.6
24.3
25.6
7.0
6.0
Hindustan Media
Neutral
302
-
2,216
1,016
1,138
24.3
25.2
27.3
30.1
11.1
10.0
2.1
1.9
16.2
15.8
1.5
1.3
Ventures
TV Today Network
Accumulate
333
363
1,986
637
743
27.5
27.5
18.4
21.4
18.1
15.6
3.2
2.7
17.4
17.2
2.7
2.2
Metals & Mining
Coal India
Neutral
317
-
200,229
84,638
94,297
21.4
22.3
24.5
27.1
12.9
11.7
5.4
5.1
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
251
-
106,013
14,252
18,465
55.9
48.3
15.8
21.5
15.9
11.7
2.6
2.3
17.0
20.7
7.4
5.7
Hindalco
Neutral
148
-
30,634
107,899
112,095
7.4
8.2
9.2
13.0
16.1
11.4
0.8
0.7
4.8
6.6
0.8
0.7
JSW Steel
Neutral
1,636
-
39,543
53,201
58,779
16.1
16.2
130.6
153.7
12.5
10.6
1.7
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
123
-
48,885
6,643
7,284
44.4
47.7
7.1
7.7
17.4
16.0
1.5
1.5
8.8
9.2
5.1
4.6
SAIL
Neutral
50
-
20,589
47,528
53,738
(0.7)
2.1
(1.9)
2.6
19.2
0.5
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
200
-
59,190
71,744
81,944
19.2
21.7
13.4
20.1
14.9
9.9
1.3
1.1
8.4
11.3
1.2
0.9
Tata Steel
Neutral
397
-
38,567
121,374
121,856
7.2
8.4
18.6
34.3
21.4
11.6
1.3
1.2
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
224
-
41,931
9,127
10,632
4.3
20.6
8.8
11.7
25.4
19.1
0.8
0.8
3.3
4.2
6.1
5.0
GAIL
Neutral
435
-
55,198
56,220
65,198
9.3
10.1
27.1
33.3
16.1
13.1
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
291
-
248,580
137,222
152,563
15.0
21.8
19.5
24.1
14.9
12.1
1.3
1.2
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
313
-
151,966
373,359
428,656
5.9
5.5
54.0
59.3
5.8
5.3
0.9
0.8
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,049
-
339,970
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
665
-
12,542
3,483
4,083
20.2
21.4
24.3
30.4
27.4
21.9
6.2
5.0
25.5
25.3
3.5
2.9
Aurobindo Pharma
Accumulate
806
877
47,153
15,720
18,078
23.7
23.7
41.4
47.3
19.5
17.0
5.1
4.0
29.6
26.1
3.2
2.8
Sanofi India*
Neutral
4,283
-
9,864
2,357
2,692
17.3
17.3
153.5
169.2
27.9
25.3
4.7
3.8
25.8
28.4
3.9
3.2
Cadila Healthcare
Neutral
395
-
40,407
11,126
13,148
22.0
22.0
17.1
20.0
23.1
19.7
5.9
4.7
28.8
26.6
3.6
3.0
Cipla
Neutral
585
-
46,977
15,378
18,089
17.4
18.4
21.6
27.2
27.1
21.5
3.5
3.1
13.7
15.2
3.3
2.7
Stock Watch
October 28, 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
3,319
-
54,993
16,043
18,119
23.1
24.7
126.0
157.8
26.3
21.0
3.9
3.4
15.7
17.1
3.4
3.0
Dishman Pharma
Neutral
241
-
3,892
1,718
1,890
22.7
22.8
9.5
11.3
25.4
21.3
2.5
2.2
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,910
-
24,648
3,528
3,811
16.6
18.8
51.8
59.4
56.2
49.0
15.0
15.0
26.3
30.6
6.8
6.3
Indoco Remedies
Neutral
289
-
2,661
1,112
1,289
18.2
18.2
13.2
15.6
21.9
18.5
3.9
3.3
19.2
19.2
2.5
2.2
Ipca labs
Neutral
619
-
7,814
3,303
3,799
15.3
15.3
17.3
19.7
35.8
31.4
3.1
2.9
9.1
9.4
2.5
2.2
Lupin
Buy
1,485
1,809
66,950
15,912
18,644
26.4
26.7
58.1
69.3
25.6
21.4
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
745
944
179,347
31,129
35,258
30.0
30.9
28.0
32.8
26.6
22.7
4.1
3.4
18.7
18.9
5.3
4.5
Power
Tata Power
Neutral
80
-
21,515
36,916
39,557
17.4
27.1
5.1
6.3
15.6
12.6
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
152
-
125,331
86,605
95,545
17.5
20.8
11.8
13.4
12.9
11.3
1.3
1.2
10.5
11.1
2.8
2.8
Power Grid
Neutral
176
-
92,076
25,763
29,762
74.3
73.1
14.8
17.3
11.9
10.2
1.9
1.6
16.9
17.5
7.8
7.5
Real Estate
MLIFE
Buy
426
522
1,747
1,152
1,300
22.7
24.6
29.9
35.8
14.2
11.9
1.1
1.0
7.6
8.6
2.2
1.9
Telecom
Bharti Airtel
Neutral
323
-
129,136
105,086
114,808
34.5
34.7
12.2
16.4
26.5
19.7
1.8
1.7
6.8
8.4
2.1
1.9
Idea Cellular
Neutral
78
-
27,924
40,133
43,731
37.2
37.1
6.4
6.5
12.1
11.9
1.0
0.9
8.2
7.6
1.7
1.5
zOthers
Abbott India
Neutral
4,672
-
9,929
3,153
3,583
14.1
14.4
152.2
182.7
30.7
25.6
150.7
128.7
25.6
26.1
2.9
2.5
Bajaj Electricals
Buy
260
306
2,630
5,099
5,805
5.6
5.9
11.4
14.6
22.9
17.9
3.1
2.7
13.4
15.1
0.5
0.5
Finolex Cables
Neutral
439
-
6,713
2,883
3,115
12.0
12.1
14.2
18.6
30.9
23.6
16.4
14.4
15.8
14.6
2.0
1.8
Goodyear India*
Neutral
754
-
1,738
1,598
1,704
10.4
10.2
49.4
52.6
15.3
14.3
70.4
61.8
18.2
17.0
0.8
108.2
Hitachi
Neutral
1,507
-
4,098
2,081
2,433
8.8
8.9
33.4
39.9
45.1
37.8
36.4
30.3
22.1
21.4
2.0
1.7
Jyothy Laboratories
Neutral
359
-
6,521
1,440
2,052
11.5
13.0
8.5
10.0
42.3
35.9
10.2
9.5
18.6
19.3
4.8
3.4
Page Industries
Neutral
16,399
-
18,292
2,450
3,124
20.1
17.6
299.0
310.0
54.9
52.9
365.2
278.8
47.1
87.5
7.5
5.9
Relaxo Footwears
Neutral
430
-
5,162
2,085
2,469
9.2
8.2
7.6
8.0
56.9
54.1
22.1
18.8
17.9
18.8
2.6
2.2
Siyaram Silk Mills
Accumulate
1,538
1,714
1,441
1,799
2,040
11.6
11.7
104.9
122.4
14.7
12.6
2.4
2.1
16.4
16.4
1.0
0.9
Styrolution ABS India*
Neutral
641
-
1,127
1,440
1,537
9.2
9.0
40.6
42.6
15.8
15.0
40.3
36.6
12.3
11.6
0.7
0.7
TVS Srichakra
Neutral
3,723
-
2,851
2,304
2,614
13.7
13.8
231.1
266.6
16.1
14.0
418.3
329.4
33.9
29.3
1.2
1.1
HSIL
Neutral
350
-
2,530
2,384
2,515
15.8
16.3
15.3
19.4
22.9
18.0
22.7
19.6
7.8
9.3
1.2
1.1
Kirloskar Engines India
Neutral
345
-
4,989
2,554
2,800
9.9
10.0
10.5
12.1
32.9
28.5
13.8
13.0
10.7
11.7
1.6
1.4
Ltd
M M Forgings
Neutral
451
-
544
546
608
20.4
20.7
41.3
48.7
10.9
9.3
61.8
54.7
16.6
17.0
0.8
0.8
Banco Products (India)
Neutral
226
-
1,613
1,353
1,471
12.3
12.4
14.5
16.3
15.6
13.8
21.5
19.4
14.5
14.6
1.1
121.8
Competent Automobiles Neutral
207
-
127
1,137
1,256
3.1
2.7
28.0
23.6
7.4
8.8
39.9
36.0
14.3
11.5
0.1
0.1
Stock Watch
October 28, 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
1,659
-
2,476
1,995
2,165
10.7
10.4
69.8
80.6
23.8
20.6
94.8
82.4
16.6
16.5
1.2
1.1
Visaka Industries
Neutral
222
-
353
1,051
1,138
10.3
10.4
21.0
23.1
10.6
9.6
28.5
26.7
9.0
9.2
0.6
0.6
Transport Corporation of
Neutral
181
-
1,388
2,671
2,911
8.5
8.8
13.9
15.7
13.1
11.6
1.8
1.6
13.7
13.8
0.6
0.6
India
Elecon Engineering
Neutral
66
-
718
1,482
1,660
13.7
14.5
3.9
5.8
16.9
11.4
4.0
3.7
7.8
10.9
0.8
0.7
Surya Roshni
Neutral
240
-
1,052
3,342
3,625
7.8
7.5
17.3
19.8
13.9
12.2
26.4
21.2
10.5
10.8
0.6
0.5
MT Educare
Neutral
136
-
543
366
417
17.7
18.2
9.4
10.8
14.6
12.6
3.2
2.8
22.2
22.3
1.4
1.2
Radico Khaitan
Neutral
136
-
1,815
1,659
1,802
13.0
13.2
6.3
7.4
21.5
18.5
1.9
1.7
8.6
9.3
1.5
1.4
Garware Wall Ropes
Neutral
554
-
1,213
873
938
12.9
13.1
30.9
34.9
17.9
15.9
2.8
2.4
15.7
15.2
1.3
1.2
Wonderla Holidays
Neutral
407
-
2,300
287
355
38.0
40.0
11.3
14.2
36.0
28.7
5.2
4.5
21.4
23.9
7.7
6.2
Linc Pen & Plastics
Neutral
260
-
384
382
420
9.3
9.5
13.5
15.7
19.3
16.6
3.3
2.9
17.1
17.3
1.1
1.0
The Byke Hospitality
Neutral
181
-
727
287
384
20.5
20.5
7.6
10.7
23.8
16.9
5.0
4.0
20.7
23.5
2.6
1.9
Interglobe Aviation
Neutral
938
-
33,792
21,122
26,005
14.5
27.6
110.7
132.1
8.5
7.1
50.7
36.2
168.5
201.1
1.6
1.2
Coffee Day Enterprises
Neutral
222
-
4,571
2,964
3,260
20.5
21.2
4.7
8.0
-
27.7
2.6
2.4
5.5
8.5
2.0
1.7
Ltd
Navneet Education
Neutral
111
-
2,642
1,062
1,147
24.0
24.0
6.1
6.6
18.2
16.7
3.7
3.3
20.6
19.8
2.6
2.4
Navkar Corporation
Buy
198
265
2,830
408
612
42.9
42.3
6.8
11.5
29.3
17.3
2.0
1.8
6.9
10.5
7.8
5.2
UFO Moviez
Neutral
457
-
1,261
619
685
33.2
33.4
30.0
34.9
15.2
13.1
2.1
1.8
13.8
13.9
1.7
1.4
VRL Logistics
Neutral
310
-
2,824
1,902
2,119
16.7
16.6
14.6
16.8
21.3
18.4
4.7
4.1
21.9
22.2
1.6
1.4
Team Lease Serv.
Neutral
1,025
-
1,752
3,229
4,001
1.5
1.8
22.8
32.8
45.0
31.2
4.8
4.2
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
313
-
4,530
1,036
1,160
15.1
15.0
6.1
7.2
51.3
43.6
5.5
5.0
10.7
11.5
4.2
3.7
Quick Heal
Neutral
254
-
1,780
408
495
27.3
27.0
7.7
8.8
32.8
28.9
3.1
3.1
9.3
10.6
3.5
2.9
Narayana Hrudaya
Neutral
345
-
7,045
1,873
2,166
11.5
11.7
2.6
4.0
130.3
87.0
8.0
7.2
6.1
8.3
3.9
3.3
Manpasand Bever.
Neutral
725
-
4,143
836
1,087
19.6
19.4
16.9
23.8
42.9
30.4
5.1
4.5
12.0
14.8
4.7
3.5
Parag Milk Foods
Neutral
310
-
2,611
1,919
2,231
9.3
9.6
9.5
12.9
32.9
24.0
5.1
4.2
15.5
17.5
1.5
1.3
Mirza International
Buy
93
113
1,119
1,024
1,148
18.0
18.0
6.9
8.0
13.5
11.6
2.3
1.9
16.6
16.2
1.3
1.1
Asian Granito
Buy
274
351
823
1,118
1,220
11.8
12.0
13.0
16.0
21.1
17.1
2.1
1.8
9.7
10.7
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 27, 2016
Market Outlook
October 28, 2016
Research Team Tel: 022 - 39357800
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