Market Outlook
February 2, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat to positive tracking the SGX Nifty and its
BSE Sensex
(0.2)
(46)
24,825
asian peers.
Nifty
(0.1)
(8)
7,556
US markets closed roughly flat after seeing early weakness. The early weakness on
Mid Cap
0.6
60
10,477
Wall Street came amid a sharp drop by the price of crude oil as well as the release
Small Cap
0.3
32
10,901
of some disappointing Chinese manufacturing data. Crude oil for March delivery
Bankex
(1.4)
(247)
17,357
tumbled $2 to $31.26 a barrel after rising $0.33 or 0.1 percent to $33.62 a barrel
in the previous week. The pullback by the price of crude came after a report from
the Chinese National Bureau of Statistics showed that the Chinese manufacturing
Global Indices
Chg (%)
(Pts)
(Close)
sector contracted at a faster rate in January,
Dow Jones
(0.1)
(17)
16,449
The European markets ended the first session of the new trading week in the red.
Nasdaq
0.1
6
4,620
Following the rally at the end of the prior trading week, stocks gave up early gains
FTSE
(0.4)
(24)
6,060
Monday due to falling crude oil prices and renewed concerns over China.
Nikkei
2.0
347
17,865
Indian shares ended a lackluster session in the red, tracking mixed global markets
Hang Seng
(0.4)
(88)
19,596
after oil prices fell around 2 percent and disappointing data out of China and South
Shanghai Com
(1.8)
(49)
2,689
Korea led to growth concerns. Investors looked ahead to the Reserve Bank monetary
policy meet due today at 11am, although the central bank is widely expected to
Advances / Declines
BSE
NSE
keep rates unchanged.
Advances
1,438
853
News & Result Analysis
Declines
1,278
698
USFDA Action on Indian Pharma companies
Unchanged
130
76
Auto January 2016 sales update
Result Review: Tech Mahindra, Transport Corporation of India
Detailed analysis on Pg2
Volumes (` Cr)
BSE
2,604
Investor’s Ready Reckoner
NSE
16,624
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Net Inflows (` Cr)
Net
Mtd
Ytd
Refer P6 onwards
FII
760
(11,471)
(5,480)
Top Picks
MFs
586
6,703
75,953
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Top Gainers
Price (`)
Chg (%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
876
1,040
18.7
HCL Tech
IT
Buy
879
1,038
18.1
Kscl
363
12.1
Larsen & Toubro
Construction
Buy
1,122
1,310
16.7
Tataelxsi
2,241
7.9
LIC Housing Finance Financials
Buy
469
592
26.1
Gati
120
5.1
Navkar Corporation Others
Buy
197
265
34.6
Vakrangee
192
4.8
More Top Picks on Pg5
Amarajabat
876
4.7
Key Upcoming Events
Previous
Consensus
Top Losers
Price (`)
Chg (%)
Date
Region
Event Description
Reading
Expectations
Suzlon
19
(8.4)
Feb 02
India
RBI Repo Rate (%)
6.75
6.75
Justdial
566
(7.0)
Feb 04
UK
BOE Announces rates
0.50
0.50
Icicibank
217
(5.6)
Feb 05
US
Change in Nonfarm payrolls (thousands)
292
190
Syndibank
64
(5.6)
Feb 10
India
Exports YoY% (% Change)
(14.70)
--
6.(
Eclerx
1,342
(5.2)
As on February 01, 2016
Market Outlook
February 2, 2016
USFDA Action on Indian Pharma companies:
The Indian companies witnessed action from the USFDA which included IPCA
Labs, Aurobindo Pharma and Lupin.
IPCA Laboratories got a warning letter outlining manufacturing quality lapses
observed at three of its Indian factories. The letter concerns the company's
finished-drug plants at Piparia in western India, and Indore in central India, as well
as the drug ingredients facility at Ratlam in central India. The plants have already
been banned from supplying to the United States after the FDA inspected them in
July 2014, January 2015 and March 2015, and first highlighted the lapses. IPCA
said it has since been trying to fix the problems and has been informing the FDA
of its remedial measures. The company is fully committed to resolving these issues
at the earliest.
While this is negative news given that the company is already on import alert since
last one year. it will not impact the financials greatly as the company is already not
supplying from these plants apart from the 4 API drugs which constitute around
45% of US sales, the impact on the same is uncertain. Overall US constitute
around 12% of sales in FY2015. Thus if these drugs, come under the import alert,
then the earnings estimates could be cut by 6%. As of now, we are not changing
our estimates on the company until more clarity from the management, though
our view is that this letter has lengthened the overall resolution process for the
company.
Two other pharmaceutical companies that have come under the USFDA scanner
are Aurobindo Pharma and Lupin on back of US FDA inspections in their
respective plants. US regulator conducted inspections in oral solid facilities of
Aurobindio - Unit 3 and Unit 7. While the Unit 3 was cleared with no Form 483 for
observations, Unit 7 saw few observations from the regulator. The observations are
likely to be minor and more procedural in nature. Thus we are not changing our
estimates. The company will have to respond to US FDA regarding the
observations. US FDA also inspected Lupin’s three plants in Pithampur,
Aurangabad and Tarapur. All the three plants have been cleared without any
observations. We maintain our recommendations on the stock.
Auto sales update for the month of January 2016
Hero Motocorp: Hero Motocorp sales continued to remain under pressure with the
company reporting flat sales during the month. The sales were in line with our
estimates. HMCL reported volumes of 563,348 units in Jan 2016 as against
558,982 units in the corresponding month last year. While the scooter segment
sales were robust with about 20% growth given the two new launches (Maestro
Edge and Duet), motorcycle sales declined by about 2% given the weak rural
sentiments and market share loss. We have Accumulate rating on the stock
TVS Motors: TVS Motors sales grew strongly 12% yoy and were in line with our
estimates. TVS continues to outstrip the industry growth on back of success of new
launches. Overall two wheeler sales grew 12% yoy to 2.08 lakh units. Motorcycle
sales grew 20% yoy to 83,374 units backed by the newly launched “Victor”.
Scooter sales remained healthy growing 14% yoy to 62,552 units. Moped and
three wheeler segment sales grew marginally by 1% and 4% respectively. We have
Accumulate rating on the stock
Market Outlook
February 2, 2016
Tata Motors: Tata Motors sales in January 2016 were at 47,034 vehicles, higher
by 10%, over 42,595 vehicles sold in January 2015. The sales were marginally
better than our estimates. M&HCV sales continued to grow at 14,693 nos., higher
by 30%, over January 2015. The Light & Small Commercial Vehicle sales grew at
15,977 nos., higher by 12% over January 2015 led by recovery in the industry
volumes. The overall commercial vehicles sales were at 30,670 nos, an increase of
20% over January 2015. Tata Motors domestic passenger vehicles sales were at
10,728 nos., decline of 18%, compared to 13,047 nos mainly due to lack of new
product launches. The company's sales from exports were 5,636 nos., in January
2016, higher by 42% compared to 3,961 vehicles in January 2015. We currently
have Buy rating on the stock.
Result Review
Tech Mahindra (CMP: `499/ TP: `646 / Upside: 29.5%)
Tech Mahindra for 3QFY2016 posted a 0.4% QoQ growth to end the period at
US$1,015mn V/s US$1,021mn expected and V/s US$1,011mn in 2QFY2016. In
` terms, the company posted sales of `6,701cr V/s `6,729cr expected, a QoQ growth
of 1.3%. On Constant currency (CC), the company posted a 1.2% QoQ growth.
The growth was mainly driven by the ROW, which constituted around 23.2% of
sales in 3QFY2016 V/s 21.9% of sales in 2QFY2016. USA and Europe constituted
47.8% (48.9% of sales in 2QFY2016) and 28.9% (29.3% of sales in 2QFY2016).
In terms of Industry the manufacturing drove the growth. On the operating front,
the EBDITA came in at 16.9% V/s 17.2% expected and 16.6% in 2QFY2016, a
QoQ expansion of 60bps, while the EBIT came in at 14.3% V/s 14.2% expected
and 13.7% in 2QFY2016. On net profit, the company posted a net profit of
`759cr V/s `809cr expected V/s `786cr in 2QFY2016, a QoQ de-growth of 3.4%.
On the operating matrix, the company had utilisation level of 77% same as last
quarter, while the attrition rate was around 20% also in line with the last quarter.
In terms of client addition, the company added 13 clients ending with active client
base of 801. We remain positive on the stock with a price target of `646.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
25,566
16.0
2,528
26.3
17.9
19.0
3.4
10.8
1.7
FY2017E
28,890
17.0
3,066
31.9
18.6
15.6
2.9
8.6
1.5
Transport Corporation of India (CMP:- `253 TP: -/ Upside:- )
For 3QFY2016, Transport Corporation of India Ltd (TCIL)’s top-line & bottom-line
came in below our estimates. The top-line, at ~`551cr is flat on a YoY basis, with
all business segments posting poor performances, barring freight division. For the
quarter, the company reported an operating profit of ~`44cr, up ~5% YoY.
Further, the company’s operating margin expanded by 43bp YoY to 8.0%,
primarily on account of lower operating expenses, which were down 207bp as a
percentage of sales. The net profit grew by ~11% YoY to ~`19cr mainly due to
lower sales growth during the quarter. Currently, we have a NEUTRAL rating on
the stock and will update the same post our interaction with the Management.
Market Outlook
February 2, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Crompton Greaves Ltd - February 2, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
3,243
3,333
(2.7)
3,216
0.8
EBITDA
162
152
6.6
157
3.2
EBITDA margin (%)
5.0
4.6
4.9
Net profit
48
97
(50.5)
52
(7.7)
Cummins India Ltd - February 2, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
1,193
1,057
12.9
1,167
2.2
EBITDA
201
189
6.3
200
0.5
EBITDA margin (%)
16.8
17.9
17.1
Net profit
190
181
5.0
198
(4.0)
DLF Ltd - February 2, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
2,531
1,956
29.4
1,867
35.6
EBITDA
1,075
795
35.2
939
14.5
EBITDA margin (%)
42.5
40.6
50.3
Net profit
151
131
15.3
131
15.3
Economic and Political News
ATF prices cut by sharp 12%, non-subsidised LPG to cost less
Industry to uncover its best at Auto Expo 2016
2016 to be a challenging year for Asian corporates: Moody's
Corporate News
Vedanta to ramp up aluminium SEZ capacity from next fiscal
New Banks may Get 74% FDI from Start
Ramdev Hits Out at Global FMCG Cos
Market Outlook
February 2, 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
14,968
876
1,040
18.7
products leading to market share gains in both the automotive
OEM and replacement segments.
Earnings to grow strongly given the MHCV cyclical upturn.
Ashok Leyland
25,983
91
111
21.6
Focus on exports and LCV's provides additional growth
avenue.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,23,844
879
1,038
18.1
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,68,069
1,061
1,262
18.9
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,69,041
1,171
1,347
15.0
to be a US$20bn in FY2020.
Well positioned to benefit from such expected gradual
recovery in the overall domestic capex cycle, given its presence
Larsen & Toubro
1,04,496
1,122
1,310
16.7
across various infrastructure segments, its execution
capabilities, and its strong balance sheet.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
23,681
469
592
26.1
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,193
355
439
23.7
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Change in business focus towards high-margin chronic &
Garware Wall Ropes
776
355
473
33.4
lifestyle segments and increasing penetration in Europe and
US
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,262
161
189
17.4
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,807
197
265
34.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,528
115
156
35.8
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,026
1,095
1,354
23.7
going ahead. Stock currently trades at an inexpensive
valuation.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
651
149
201
35.3
drive growth.
Source: Company, Angel Research
Market Outlook
February 02, 2016
Key Upcoming Events
Result Calendar
Date
Company
Feb 2, 2016
Amara Raja Batteries, Cummins India, Crompton Greaves, HSIL, DLF
Feb 3, 2016
Mangalam Cement, Hexaware, IOC, The Byke Hospitality
Feb 4, 2016
Bajaj Auto, ABB, J K Lakshmi Cements, Mphasis, Tata Steel, GSPL, Styrolution, Visaka Industries, Aventis, MT Educare
Feb 5, 2016
Bosch India, Vijaya Bank, Goodyear, Lupin, Cadila Healthcare, Divi's Lab., Tata Power Co., PTC India, Radico Khaitan
Feb 6, 2016
Prakash Industries, TVS Srichakra
Feb 8, 2016
JK Tyre, GlaxoSmith Con, Hitachi, Sterling Tools, Ipca labs
Motherson Sumi, Apollo Tyres, Ramco Cements, Allahabad Bank, Britannia, SAIL, Hindalco, MOIL, GAIL, Petronet
Feb 9, 2016
LNG, Dr Reddy's, Aurobindo Pharma, CESC
Tata Chemicals, Tata Global, Automotive Axle, Ambuja Cements, ACC, India Cements, Rural Elec.Corp., Bank of
Feb 10, 2016
Maharashtra, Bajaj Electrical, Finolex Cables, GSK Pharma, NHPC
Tata Motors, Ashok Leyland, BHEL, BGR Energy , Indian Bank, ONGC, Indraprasth Gas, Page Industries, GIPCL,
Feb 11, 2016
Coffee Day Enterprises Ltd
Feb 12, 2016
M&M, FAG Bearings, Nestle, BPCL, HPCL, Sun Pharma
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Feb 2, 2016
2:25PM
Germany
Unemployment change (000's)
Thousands
Jan
(14.00)
(8.00)
11:00AM
India
RBI Reverse Repo rate
%
Feb 2
5.75
5.75
11:00AM
India
RBI Repo rate
%
Feb 2
6.75
6.75
11:00AM
India
RBI Cash Reserve ratio
%
Feb 2
4.00
4.00
Feb 3, 2016
2:25PM
Germany
PMI Services
Value
Jan F
55.40
55.40
Feb 4, 2016
7:00PM
US
Initial Jobless claims
Thousands
Jan 30
278.00
279.00
5:30PM
UK
BOE Announces rates
% Ratio
Feb 4
0.50
0.50
Feb 5, 2016
7:00PM
US
Change in Nonfarm payrolls
Thousands
Jan
292.00
190.00
7:00PM
US
Unnemployment rate
%
Jan
5.00
5.00
Feb 10, 2016
India
Imports YoY%
% Change
Jan
(3.90)
--
India
Exports YoY%
% Change
Jan
(14.70)
--
3:00PM
UK
Industrial Production (YoY)
% Change
Dec
0.90
--
Feb 12, 2016
7:30AM
India
Industrial Production YoY
% Change
Dec
(3.20)
--
3:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
0.30
--
12:30PM
Germany
GDP nsa (YoY)
% Change
4Q P
1.80
--
Feb 15, 2016
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jan
(0.73)
--
China
Exports YoY%
% Change
Jan
(1.40)
--
Feb 16, 2016
3:00PM
UK
CPI (YoY)
% Change
Jan
0.20
--
Feb 17, 2016
7:00PM
US
Housing Starts
Thousands
Jan
1,149.00
--
7:00PM
US
Building permits
Thousands
Jan
1,204.00
--
3:00PM
UK
Jobless claims change
% Change
Jan
(4.30)
--
7:45PM
US
Industrial Production
%
Jan
(0.36)
--
US
Producer Price Index (mom)
% Change
Jan
(0.70)
--
Feb 18, 2016
7:00AM
China
Consumer Price Index (YoY)
% Change
Jan
1.60
--
Feb 19, 2016
7:00PM
US
Consumer price index (mom)
% Change
Jan
(0.10)
--
8:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Feb A
(6.30)
--
Feb 23, 2016
8:30PM
US
Existing home sales
Million
Jan
5.46
--
8:30PM
US
Consumer Confidence
S.A./ 1985=100
Feb
98.10
--
Feb 24, 2016
8:30PM
US
New home sales
Thousands
Jan
544.00
--
Source: Bloomberg, Angel Research
Market Outlook
February 2, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
12.0
9.9
7.5
7.5
10.0
8.0
7.4
7.0
7.0
6.7
6.7
6.6
8.0
6.3
7.0
6.4
6.0
4.8
4.3
4.2
3.8
6.0
2.8
3.0
4.0
2.5
2.5
5.0
4.7
5.0
2.0
(3.2)
-
4.0
(2.0)
3.0
(4.0)
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
5.4
5.4
5.6
6.0
5.2
5.4
5.3
54.0
4.9
5.0
5.0
5.0
4.4
3.7
3.7
52.0
4.0
3.0
50.0
2.0
48.0
1.0
46.0
-
44.0
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
0.0
8.00
(5.0)
7.50
7.00
(10.0)
6.50
(15.0)
6.00
5.50
(20.0)
5.00
(25.0)
4.50
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
February 2, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
5.3
6.0
4.7
4.7
4.0
2.9
1.9
1.8
1.8
1.3
1.6
2.0
1.0
-
(2.0)
(4.0)
(4.1)
(4.5)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.3
8.0
6.8
6.0
4.7
4.7
4.0
2.5
2.5
2.6
1.4
1.5
1.2
2.0
0.6
(3.8)
-
(2.0)
(4.0)
(3.0)
(6.0)
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
February 2, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
40,570
(16.1)
(19.4)
(21.6)
Russia
Micex
1,773
(6.4)
(5.9)
3.4
India
Nifty
7,556
(5.8)
(11.3)
(13.9)
China
Shanghai Composite
2,689
(19.4)
(12.9)
(9.3)
South Africa
Top 40
43,881
(7.4)
(12.8)
(3.4)
Mexico
Mexbol
43,631
(6.1)
(7.9)
(2.2)
Indonesia
LQ45
803
1.7
(0.1)
(14.4)
Malaysia
KLCI
1,668
(0.2)
(2.3)
(5.8)
Thailand
SET 50
822
(7.3)
(16.0)
(23.8)
USA
Dow Jones
16,449
(11.2)
(8.4)
(10.2)
UK
FTSE
6,060
(3.7)
(5.5)
(10.3)
Japan
Nikkei
17,865
(6.7)
(6.9)
1.4
Germany
DAX
9,758
(10.1)
(7.1)
(10.0)
France
CAC
4,392
(11.8)
(11.7)
(10.8)
Source: Bloomberg, Angel Research
Stock Watch
February 02, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
164
-
3,192
2,097
2,415
14.4
14.4
9.5
11.0
17.3
14.9
3.4
3.0
21.1
21.3
1.6
1.3
United Phosphorus
Buy
437
510
18,745
13,698
15,752
17.6
17.6
32.1
38.5
13.6
11.4
2.7
2.2
21.4
21.3
1.5
1.2
Auto & Auto Ancillary
Ashok Leyland
Buy
91
111
25,983
17,995
21,544
11.4
11.6
3.4
4.7
26.9
19.4
4.7
4.3
17.7
22.2
1.4
1.1
Bajaj Auto
Buy
2,328
2,728
67,368
23,695
27,298
21.3
20.4
134.6
151.5
17.3
15.4
5.5
4.7
31.8
30.6
2.4
2.1
Bharat Forge
Accumulate
840
943
19,562
7,867
8,881
20.0
20.3
34.4
41.0
24.4
20.5
4.7
3.9
21.1
20.9
2.6
2.3
Eicher Motors
Accumulate
17,074
19,036
46,362
15,379
16,498
15.6
16.6
473.2
574.8
36.1
29.7
13.3
9.9
36.7
33.2
2.9
2.7
Gabriel India
Buy
87
101
1,250
1,415
1,544
8.7
9.0
4.6
5.4
18.9
16.1
3.4
3.0
18.1
18.9
0.9
0.8
Hero Motocorp
Accumulate
2,535
2,774
50,621
28,561
31,559
14.7
14.7
151.1
163.2
16.8
15.5
6.5
5.5
38.7
35.6
1.6
1.4
Jamna Auto Industries Neutral
152
-
1,214
1,292
1,486
9.3
9.8
6.0
7.5
25.3
20.3
5.3
4.4
20.7
21.8
1.0
0.9
L G Balakrishnan & Bros Neutral
466
-
731
1,254
1,394
11.6
11.8
35.9
41.7
13.0
11.2
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Buy
1,227
1,449
76,205
39,031
44,440
13.8
13.9
57.9
67.6
21.2
18.2
3.4
3.0
16.1
16.6
1.6
1.3
Maruti
Neutral
3,947
-
119,225
57,865
68,104
16.4
16.7
176.3
225.5
22.4
17.5
4.4
3.7
19.4
21.2
1.8
1.5
Minda Industries
Accumulate
817
867
1,297
2,567
2,965
8.0
8.3
46.1
57.8
17.7
14.1
3.0
2.5
16.7
17.3
0.6
0.5
Motherson Sumi
Buy
269
313
35,628
39,343
45,100
8.8
9.1
10.1
12.5
26.7
21.6
8.4
6.6
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
403
465
319
454
511
11.5
12.0
25.2
31.0
16.0
13.0
2.4
2.2
14.9
16.6
0.8
0.8
Setco Automotive
Neutral
34
-
450
594
741
12.7
13.7
1.7
3.2
19.8
10.5
2.1
1.8
10.4
16.9
1.2
1.0
Tata Motors
Buy
338
409
97,689
266,022
312,667
12.8
13.1
26.3
38.3
12.9
8.8
1.7
1.4
8.4
12.1
0.5
0.5
TVS Motor
Accumulate
295
322
14,032
11,263
13,106
6.9
8.3
9.2
14.6
32.1
20.2
7.3
5.9
22.7
29.1
1.2
1.0
Amara Raja Batteries
Buy
876
1,040
14,968
4,892
5,871
17.4
17.6
28.8
37.1
30.4
23.6
7.1
5.7
23.4
24.1
3.0
2.5
Exide Industries
Buy
123
162
10,459
6,950
7,784
14.4
14.8
6.6
7.3
18.6
16.9
2.4
2.1
12.6
12.8
1.2
1.1
Apollo Tyres
Buy
144
171
7,338
12,146
12,689
16.8
16.0
21.2
19.0
6.8
7.6
1.1
1.0
16.5
13.0
0.7
0.7
Ceat
Buy
925
1,119
3,742
6,041
6,597
14.1
13.7
99.5
111.9
9.3
8.3
1.8
1.5
19.6
18.5
0.8
0.7
JK Tyres
Neutral
92
-
2,080
7,446
7,669
15.2
14.0
19.6
18.4
4.7
5.0
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Accumulate
874
919
1,086
552
630
14.2
14.7
44.6
54.1
19.6
16.2
4.6
4.2
23.2
25.6
1.8
1.6
Subros
Neutral
93
-
559
1,293
1,527
11.8
11.9
4.2
6.7
22.2
13.9
1.7
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
178
-
467
283
329
17.0
17.2
13.0
15.4
13.7
11.5
3.0
2.5
21.8
21.6
1.4
1.1
Capital Goods
ACE
Neutral
41
-
401
660
839
4.7
8.2
1.0
3.9
40.5
10.4
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Neutral
1,049
-
4,369
3,277
4,006
6.0
8.9
29.2
64.3
35.9
16.3
2.0
1.8
5.7
11.7
1.4
1.1
Bharat Electronics
Accumulate
1,233
1,414
29,603
7,737
8,634
16.8
17.2
54.0
61.0
22.8
20.2
3.3
2.9
39.3
45.6
2.9
2.5
Stock Watch
February 02, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
Voltas
Buy
288
353
9,521
5,363
5,963
8.0
9.1
11.0
13.8
26.2
20.9
4.0
3.5
16.2
17.9
1.7
1.5
BGR Energy
Neutral
117
-
841
3,615
3,181
9.5
9.4
16.7
12.4
7.0
9.4
0.7
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
140
-
34,377
33,722
35,272
10.8
11.7
10.5
14.2
13.4
9.9
1.0
0.9
7.0
9.0
1.1
1.1
Blue Star
Buy
355
439
3,193
3,548
3,977
6.3
6.9
13.7
17.2
25.9
20.7
6.5
4.2
26.1
25.4
1.0
0.8
Crompton Greaves
Buy
173
204
10,818
13,484
14,687
4.9
6.2
4.5
7.1
38.4
24.3
2.7
2.5
7.2
10.8
0.9
0.8
Greaves Cotton
Neutral
128
-
3,119
1,655
1,755
16.6
16.8
7.4
7.8
17.3
16.4
3.5
3.3
21.1
20.6
1.8
1.7
Inox Wind
Buy
310
458
6,881
4,980
5,943
17.0
17.5
26.6
31.6
11.7
9.8
3.5
2.6
35.0
30.0
1.5
1.2
KEC International
Neutral
125
-
3,220
8,791
9,716
6.1
6.8
5.4
8.2
23.2
15.3
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
813
-
9,692
6,413
7,525
7.4
8.5
30.5
39.3
26.7
20.7
4.1
3.6
15.0
17.0
1.5
1.2
Cement
ACC
Buy
1,274
1,630
23,923
13,151
14,757
16.4
18.3
63.9
83.4
19.9
15.3
2.6
2.4
13.3
16.1
1.7
1.4
Ambuja Cements
Buy
200
233
31,030
11,564
12,556
19.4
20.7
8.9
10.1
22.5
19.8
2.8
2.7
12.8
13.8
2.3
2.1
HeidelbergCement
Neutral
70
-
1,583
1,772
1,926
13.3
15.4
1.0
3.0
69.9
23.3
1.8
1.6
2.6
7.9
1.5
1.3
India Cements
Buy
91
112
2,801
4,216
4,840
18.0
19.5
4.0
9.9
22.8
9.2
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Buy
493
744
3,444
3,661
4,742
10.1
15.8
18.0
61.0
27.4
8.1
2.0
1.8
7.5
22.9
1.4
1.1
J K Lakshmi Cement
Buy
301
430
3,537
2,947
3,616
16.7
19.9
11.5
27.2
26.1
11.1
2.5
2.1
9.8
20.8
1.6
1.3
Mangalam Cements
Neutral
181
-
484
1,053
1,347
10.5
13.3
8.4
26.0
21.6
7.0
0.9
0.8
4.3
12.5
0.8
0.6
Orient Cement
Buy
145
183
2,971
1,854
2,524
21.2
22.2
7.7
11.1
18.8
13.1
2.7
2.3
13.3
15.7
2.3
1.6
Ramco Cements
Neutral
385
-
9,174
4,036
4,545
20.8
21.3
15.1
18.8
25.5
20.5
3.1
2.8
12.9
14.3
2.8
2.4
Shree Cement^
Neutral
10,678
-
37,199
7,150
8,742
26.7
28.6
228.0
345.5
46.8
30.9
6.9
5.8
15.7
20.3
5.0
4.0
UltraTech Cement
Buy
2,812
3,282
77,177
25,021
30,023
19.1
21.6
89.0
132.0
31.6
21.3
3.7
3.2
12.2
15.9
3.1
2.6
Construction
ITNL
Neutral
81
-
2,663
7,360
8,825
34.0
35.9
7.0
9.0
11.6
9.0
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Buy
493
673
1,387
937
1,470
14.3
14.0
33.5
38.6
14.7
12.8
2.2
1.9
15.4
15.4
1.6
1.0
Larsen & Toubro
Buy
1,122
1,310
104,496
58,870
65,708
8.3
10.3
42.0
53.0
26.7
21.2
1.9
1.7
8.8
11.2
2.0
1.8
Gujarat Pipavav Port
Neutral
158
-
7,660
629
684
51.0
52.2
6.4
5.9
24.8
26.9
3.3
3.0
15.9
12.7
11.8
10.7
MBL Infrastructures
Buy
169
285
699
2,313
2,797
12.2
14.6
19.0
20.0
8.9
8.4
0.9
0.9
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
66
-
3,655
7,892
8,842
8.8
9.1
3.0
5.3
21.9
12.4
1.1
1.0
5.0
8.5
0.7
0.6
PNC Infratech
Accumulate
512
558
2,627
1,873
2,288
13.2
13.5
24.0
32.0
21.3
16.0
2.1
1.8
12.1
12.3
1.5
1.2
Simplex Infra
Neutral
278
-
1,374
5,955
6,829
10.3
10.5
16.0
31.0
17.4
9.0
0.9
0.8
5.3
9.9
0.7
0.6
Power Mech Projects
Neutral
599
-
882
1,539
1,801
12.8
12.7
59.0
72.1
10.2
8.3
1.5
1.3
18.6
16.8
0.6
0.5
Stock Watch
February 02, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Sadbhav Engineering
Neutral
309
-
5,303
3,481
4,219
10.7
10.8
8.0
12.0
38.6
25.8
3.6
3.2
10.3
13.5
1.8
1.5
NBCC
Accumulate
961
1,089
11,536
7,382
9,506
7.7
8.6
39.8
54.4
24.2
17.7
5.8
4.6
26.7
29.1
1.3
1.0
MEP Infra
Neutral
45
-
725
1,956
1,876
28.1
30.5
1.3
3.0
34.3
14.9
7.2
4.9
21.2
32.8
1.8
1.8
SIPL
Neutral
87
-
3,075
675
1,042
62.4
64.7
-
-
3.3
3.7
-
-
16.2
11.0
Financials
Allahabad Bank
Neutral
52
-
3,123
8,569
9,392
2.8
2.9
16.3
27.5
3.2
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Buy
399
494
95,028
26,473
31,527
3.5
3.6
35.7
43.5
11.2
9.2
1.9
1.6
17.9
18.9
-
-
Bank of Baroda
Neutral
122
-
28,168
18,485
21,025
1.9
2.0
13.5
21.1
9.1
5.8
0.7
0.6
7.3
10.6
-
-
Bank of India
Neutral
98
-
7,936
15,972
17,271
1.9
2.0
15.3
33.4
6.4
2.9
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
188
-
10,181
15,441
16,945
2.0
2.1
46.6
70.4
4.0
2.7
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
36
-
2,297
3,440
3,840
2.1
2.3
7.3
10.0
4.9
3.6
0.4
0.3
6.1
7.9
-
-
Federal Bank
Neutral
47
-
8,038
3,477
3,999
3.0
3.0
5.0
6.2
9.3
7.5
0.9
0.9
10.6
11.9
-
-
HDFC
Neutral
1,180
-
186,211
10,358
11,852
3.3
3.3
41.1
47.0
28.7
25.1
5.5
5.0
24.7
24.9
-
-
HDFC Bank
Buy
1,061
1,262
268,069
38,309
47,302
4.3
4.3
49.3
61.1
21.5
17.4
3.7
3.2
18.5
19.7
-
-
ICICI Bank
Buy
217
254
126,215
34,279
39,262
3.3
3.3
21.0
24.4
10.4
8.9
1.7
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
59
-
11,115
9,625
10,455
1.8
1.8
8.5
14.2
6.9
4.1
0.4
0.4
5.9
9.3
-
-
Indian Bank
Neutral
92
-
4,404
6,160
6,858
2.5
2.5
24.5
29.8
3.8
3.1
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
469
592
23,681
3,101
3,745
2.5
2.5
33.0
40.2
14.2
11.7
2.7
2.3
19.7
20.5
-
-
Oriental Bank
Neutral
109
-
3,261
7,643
8,373
2.4
2.4
37.2
45.4
2.9
2.4
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
90
-
17,692
23,638
26,557
2.8
2.8
17.9
27.2
5.0
3.3
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
19
-
2,498
1,965
2,185
2.5
2.5
2.5
3.3
7.4
5.6
0.7
0.7
9.5
11.7
-
-
St Bk of India
Buy
173
202
134,218
82,520
93,299
2.7
2.8
20.0
24.5
8.6
7.1
0.9
0.8
11.5
12.8
-
-
Union Bank
Neutral
126
-
8,627
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.2
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,629
3,536
3,827
1.9
1.9
5.5
6.7
5.5
4.6
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
772
-
32,417
7,190
9,011
3.2
3.3
58.2
69.7
13.3
11.1
2.4
2.0
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
887
-
85,105
16,553
19,160
16.0
16.2
17.7
21.5
50.2
41.3
13.3
12.0
29.4
31.2
5.0
4.3
Britannia
Neutral
2,801
-
33,606
8,065
9,395
9.6
10.2
47.2
65.5
59.3
42.8
19.7
18.6
38.3
41.2
4.0
3.4
Colgate
Neutral
861
-
23,422
4,836
5,490
19.5
19.7
48.5
53.2
17.8
16.2
13.0
11.3
99.8
97.5
4.7
4.2
Dabur India
Accumulate
251
267
44,093
9,370
10,265
17.1
17.2
7.3
8.1
34.2
30.9
10.3
8.4
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
5,900
-
24,813
4,919
5,742
17.2
17.4
168.3
191.2
35.1
30.9
9.9
8.5
28.8
28.9
4.6
3.9
Stock Watch
February 02, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Godrej Consumer
Neutral
1,263
-
43,008
10,168
12,886
16.1
16.1
32.1
38.4
39.4
32.9
8.0
7.4
19.7
21.0
4.3
3.4
HUL
Neutral
801
-
173,304
34,940
38,957
17.5
17.7
20.8
24.7
38.5
32.4
42.8
34.2
110.5
114.2
4.8
4.3
ITC
Buy
325
382
260,951
41,068
45,068
37.8
37.4
13.9
15.9
23.3
20.4
7.8
6.9
34.1
33.8
6.0
5.4
Marico
Neutral
226
-
29,119
6,551
7,766
15.7
16.0
10.4
12.5
21.7
18.1
6.3
5.3
33.2
32.4
4.4
3.7
Nestle*
Buy
5,463
6,646
52,670
11,291
12,847
22.2
22.3
158.9
184.6
34.4
29.6
18.0
16.2
55.0
57.3
4.5
3.9
Tata Global
Accumulate
127
144
7,990
8,635
9,072
9.8
9.9
6.5
7.6
19.5
16.7
1.9
1.9
6.8
7.4
0.9
0.8
IT
HCL Tech^
Buy
879
1,038
123,844
42,038
47,503
21.2
21.5
51.5
57.7
17.1
15.2
3.7
2.9
21.5
18.8
2.6
2.1
Infosys
Buy
1,171
1,347
269,041
61,850
69,981
27.5
27.5
59.4
65.7
19.7
17.8
4.2
3.6
21.2
20.1
3.6
3.1
TCS
Buy
2,402
2,854
473,336
108,487
122,590
28.3
28.5
122.8
138.4
19.6
17.4
7.4
6.8
38.0
38.9
4.0
3.5
Tech Mahindra
Buy
499
646
48,245
25,566
28,890
16.0
17.0
26.3
31.9
19.0
15.6
3.4
2.9
17.9
18.6
1.7
1.4
Wipro
Buy
566
719
139,941
50,808
58,713
23.7
23.8
37.3
42.3
15.2
13.4
2.9
2.6
19.0
17.9
2.3
1.8
Media
D B Corp
Accumulate
316
356
5,812
2,241
2,495
27.8
27.9
21.8
25.6
14.5
12.4
3.8
3.4
26.7
28.5
2.5
2.3
HT Media
Neutral
77
-
1,789
2,495
2,603
11.2
11.2
7.3
8.6
10.5
8.9
0.8
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
161
189
5,262
2,170
2,355
27.2
26.2
8.9
9.9
18.1
16.3
3.8
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Neutral
376
-
14,822
2,779
3,196
70.2
70.5
22.8
27.3
16.5
13.8
4.1
3.7
26.7
28.3
5.1
4.4
Hindustan Media
Neutral
280
-
2,052
920
1,031
20.0
20.0
19.2
20.9
14.6
13.4
2.4
2.1
16.4
15.3
1.8
1.6
Ventures
Metals & Mining
Coal India
Buy
329
380
207,556
76,167
84,130
19.9
22.3
22.4
25.8
14.7
12.7
5.3
5.2
35.5
41.0
2.1
1.8
Hind. Zinc
Accumulate
160
175
67,711
14,641
14,026
50.4
50.4
17.7
16.0
9.1
10.0
1.4
1.3
16.2
13.2
2.2
2.1
Hindalco
Neutral
71
-
14,682
104,356
111,186
8.7
9.5
6.7
11.1
10.6
6.4
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,051
-
25,400
42,308
45,147
16.4
20.7
(10.3)
49.5
21.2
1.2
1.1
(1.0)
5.6
1.7
1.5
NMDC
Neutral
80
-
31,856
8,237
10,893
46.6
44.5
10.0
11.7
8.1
6.9
0.9
0.8
12.5
13.0
3.7
2.8
SAIL
Neutral
43
-
17,635
45,915
53,954
7.2
10.5
1.5
4.4
28.4
9.8
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
70
-
20,871
71,445
81,910
26.2
26.3
12.9
19.2
5.5
3.7
0.4
0.3
7.2
8.9
0.7
0.6
Tata Steel
Neutral
249
-
24,222
126,760
137,307
8.9
11.3
6.4
23.1
39.2
10.8
0.8
0.8
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
124
-
23,323
11,323
12,490
49.4
51.0
20.7
20.7
6.0
6.0
0.4
0.4
6.4
6.1
1.1
0.5
GAIL
Neutral
367
-
46,521
64,856
70,933
9.1
9.6
24.0
28.9
15.3
12.7
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
225
-
192,370
154,564
167,321
36.8
37.4
28.6
32.5
7.9
6.9
1.0
0.9
12.7
13.5
1.4
1.4
Petronet LNG
Neutral
256
-
19,166
29,691
31,188
5.8
6.2
12.8
13.4
20.0
19.0
3.0
2.7
15.8
14.8
0.7
0.7
Indian Oil Corp
Accumulate
404
455
98,029
359,607
402,760
5.9
6.1
42.5
48.7
9.5
8.3
1.3
1.1
14.1
14.4
0.4
0.3
Stock Watch
February 02, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
Reliance Industries
Accumulate
1,028
1,150
333,043
304,775
344,392
12.6
13.4
91.3
102.6
11.3
10.0
1.3
1.1
11.8
12.0
1.0
0.9
Pharmaceuticals
Alembic Pharma
Neutral
627
-
11,816
3,274
3,802
26.9
19.4
35.0
28.7
17.9
21.8
7.9
6.0
55.6
31.2
3.6
3.0
Aurobindo Pharma
Accumulate
801
856
46,832
14,923
17,162
22.0
23.0
35.7
42.8
22.4
18.7
6.6
5.0
34.0
30.2
3.5
3.0
Aventis*
Neutral
4,349
-
10,016
2,082
2,371
17.4
20.8
118.2
151.5
36.8
28.7
5.4
4.3
19.9
25.5
4.5
3.7
Cadila Healthcare
Accumulate
319
352
32,637
10,224
11,840
21.0
22.0
14.6
17.6
21.8
18.1
6.0
4.7
30.8
29.0
3.3
2.7
Cipla
Accumulate
598
636
48,018
14,211
16,611
20.6
19.0
27.0
28.9
22.1
20.7
3.8
3.2
18.4
16.8
3.4
2.8
Dr Reddy's
Buy
3,050
3,933
52,013
16,838
19,575
25.0
23.1
167.5
178.8
18.2
17.1
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
333
-
2,686
1,733
1,906
21.5
21.5
17.0
19.9
19.6
16.7
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,282
-
27,803
2,870
3,158
20.0
22.1
59.5
68.3
55.2
48.1
16.3
16.7
28.5
34.3
9.2
8.4
Indoco Remedies
Neutral
322
-
2,967
1,033
1,199
15.9
18.2
9.4
13.6
34.3
23.7
5.1
4.3
15.7
19.7
3.0
2.6
Ipca labs
Buy
655
900
8,269
3,363
3,909
12.9
18.6
13.4
28.0
48.9
23.4
3.5
3.1
7.4
14.0
2.8
2.4
Lupin
Neutral
1,701
-
76,652
13,092
16,561
25.0
27.0
50.4
68.3
33.8
24.9
7.0
5.5
22.8
24.7
5.6
4.3
Sun Pharma
Accumulate
870
950
209,423
28,163
32,610
25.8
30.7
17.4
26.9
50.0
32.4
4.7
4.1
13.0
16.6
6.9
5.8
Power
Tata Power
Neutral
61
-
16,390
35,923
37,402
22.6
22.8
4.1
5.2
15.0
11.8
1.1
1.1
7.5
9.3
1.4
1.3
NTPC
Accumulate
140
157
115,643
87,064
98,846
23.5
23.5
11.7
13.2
12.0
10.6
1.3
1.3
11.4
12.1
2.4
2.1
Power Grid
Buy
147
170
76,852
20,702
23,361
86.7
86.4
12.1
13.2
12.2
11.1
1.8
1.6
15.6
15.1
8.6
8.0
Telecom
Bharti Airtel
Neutral
297
-
118,523
101,748
109,191
32.1
31.7
12.0
12.5
24.7
23.7
1.7
1.6
6.9
6.7
1.8
1.6
Idea Cellular
Neutral
105
-
37,750
34,282
36,941
32.0
31.5
5.9
6.2
17.8
16.9
1.6
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
5,134
-
10,909
2,715
3,153
14.5
14.1
134.3
152.2
38.2
33.7
9.5
7.9
27.4
25.6
3.7
3.2
Bajaj Electricals
Buy
186
290
1,880
4,719
5,287
5.2
5.8
8.6
12.7
21.8
14.7
2.5
2.2
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
228
-
3,494
2,520
2,883
12.2
12.0
12.7
14.2
18.0
16.1
2.5
2.2
13.6
13.5
1.1
1.0
Goodyear India*
Buy
495
622
1,141
1,888
1,680
12.1
11.9
62.2
56.6
8.0
8.7
1.9
1.6
25.9
19.7
0.4
0.4
Hitachi
Neutral
1,219
-
3,315
1,779
2,081
7.8
8.8
21.8
33.4
55.9
36.5
9.0
7.3
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
283
-
5,133
1,620
1,847
11.5
11.5
7.3
8.5
38.9
33.5
5.0
4.7
13.3
14.4
3.0
2.6
MRF
Buy
34,313
45,575
14,553
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.3
9.0
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
12,257
-
13,671
1,929
2,450
19.8
20.1
229.9
299.0
53.3
41.0
23.5
16.4
52.1
47.1
7.1
5.6
Relaxo Footwears
Neutral
469
-
5,632
1,767
2,152
12.3
12.5
19.3
25.1
24.4
18.7
6.0
4.6
27.7
27.8
3.2
2.6
Siyaram Silk Mills
Buy
1,095
1,354
1,026
1,636
1,815
11.5
11.5
89.9
104.1
12.2
10.5
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India*
Neutral
698
-
1,228
1,271
1,440
8.6
9.2
32.0
41.1
21.8
17.0
2.2
2.0
10.7
12.4
0.9
0.8
Stock Watch
February 02, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
TVS Srichakra
Buy
2,491
3,240
1,907
2,101
2,338
15.7
15.0
248.6
270.0
10.0
9.2
4.4
3.1
43.6
34.0
0.9
0.8
HSIL
Accumulate
277
302
2,004
2,123
2,384
16.1
16.5
15.0
18.9
18.4
14.7
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
234
-
3,386
2,403
2,554
8.6
9.9
9.2
10.5
25.5
22.3
2.4
2.3
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
461
614
556
511
615
21.7
21.6
43.1
55.8
10.7
8.3
2.0
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
124
-
885
1,208
1,353
11.0
12.3
10.8
14.5
11.5
8.6
1.3
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
141
-
87
1,040
1,137
3.2
3.1
25.7
28.0
5.5
5.0
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,384
-
2,065
1,871
2,031
10.7
10.5
63.2
69.8
21.9
19.8
3.6
3.1
17.6
16.6
1.2
1.0
Visaka Industries
Buy
110
144
175
1,086
1,197
9.9
10.3
21.5
28.8
5.1
3.8
0.5
0.5
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
253
-
1,927
2,830
3,350
8.8
9.0
14.4
18.3
17.6
13.8
2.7
2.4
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
69
-
755
1,369
1,533
13.7
14.9
3.3
6.1
20.9
11.4
1.4
1.3
6.6
11.4
0.9
0.8
Surya Roshni
Buy
149
201
651
2,992
3,223
8.1
8.4
14.7
18.3
10.1
8.1
0.9
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
162
-
645
286
366
18.3
17.7
7.7
9.4
21.0
17.3
4.4
3.9
20.2
21.1
2.2
1.6
Radico Khaitan
Buy
115
156
1,528
1,565
1,687
12.2
13.0
5.7
7.1
20.2
16.2
1.7
1.6
8.3
9.6
1.4
1.3
Garware Wall Ropes
Buy
355
473
776
862
974
11.2
11.2
24.9
29.6
14.3
12.0
2.2
1.9
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
384
-
2,169
206
308
44.0
43.6
9.0
12.9
42.7
29.8
5.8
5.3
13.7
17.8
10.4
6.9
Linc Pen & Plastics
Neutral
207
-
307
340
371
8.3
8.9
10.8
13.2
19.2
15.7
3.1
2.7
16.0
17.1
0.9
0.9
The Byke Hospitality
Neutral
159
-
637
222
287
20.5
20.5
5.6
7.6
28.2
21.0
5.3
4.4
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
882
-
31,785
17,022
21,122
20.7
14.5
63.9
53.7
13.8
16.4
20.7
17.0
149.9
103.2
1.9
1.5
Coffee Day Enterprises
Neutral
260
-
5,354
2,692
2,964
17.0
18.6
-
4.7
-
54.9
3.2
3.0
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
92
-
2,181
998
1,062
24.1
24.0
5.8
6.1
15.9
15.0
3.5
3.1
22.0
20.6
2.3
2.1
Navkar Corporation
Buy
197
265
2,807
365
436
38.3
37.5
5.6
5.9
34.9
33.5
2.2
2.1
6.3
6.1
8.5
7.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 01, 2016
Market Outlook
February 02, 2016
Research Team Tel: 022 - 39357800
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-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as
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