Market Outlook
May 2, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.0
4
25,607
Indian markets are expected to open on a negative note tracking the SGX Nifty and
Nifty
0.0
3
7,850
weak global cues.
Mid Cap
0.2
24
11,043
US indices ended in red extending the sell-off seen in the previous session. The
Small Cap
(0.0)
(5)
11,021
weakness on Wall Street came on release of a batch of disappointing U.S. economic
Bankex
0.3
63
19,115
data as well as a negative reaction to some of the latest earnings disappointments
from big-name companies such as oil giant Chevron (CVX).
Global Indices
Chg (%)
(Pts)
(Close)
The European markets ended solidly in negative territory as the investor sentiment
Dow Jones
(0.3)
(57)
17,774
took a hit led by sharp sell-off on Wall Street and weak Asian markets. Further, the
Bank of Japan's decision to refrain from adding stimulus measures and
Nasdaq
(0.6)
(30)
4,775
disappointing US GDP data also added to the negative sentiment.
FTSE
(1.3)
(81)
6,242
Nikkei
(3.6)
(624)
16,666
Indian shares ended on a flat note after steep losses in the previous session. While
global cues remained negative in view of a stronger yen and the release of
Hang Seng
(1.5)
(321)
21,067
disappointing U.S. GDP data, Indian markets managed to erase early losses after
Shanghai Com
(0.2)
(7)
2,938
hitting a two-week low earlier in the day.
News & Result Analysis
Advances / Declines
BSE
NSE
Result Review: ICICI Bank, Federal Bank, UPL, Sanofi India.
Advances
1,141
609
Detailed analysis on Pg2
Declines
1,353
742
Unchanged
166
72
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,818
Refer Pg6 onwards
NSE
18,494
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
Amara Raja
Auto & Auto Ancillary Accumulate
954
1,076
12.8
FII
236
3,907
11,806
HCL Tech
IT
Buy
750
1,038
38.3
MFs
261
(181)
2,898
LIC Housing
Financials
Buy
462
592
28.0
Bharat Electronics
Capital Goods
Buy
1,182
1,414
19.6
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
181
265
46.4
Ibrealest
68
6.5
More Top Picks on Pg4
Bataindia
586
5.8
Suzlon
15
5.3
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Gmrinfra
13
4.9
Reading
Expectations
Balramchin
107
4.8
May 2 UK
PMI Manufacturing
51.00
51.20
May 3 Germany
PMI Manufacturing
51.90
51.90
Top Losers
Price (`)
Chg (%)
May 6 US
Change in Nonfarm payrolls (thousands)
215.00
200.00
May 8 China
Exports YoY%
11.50
1.30
Idea
118
(6.5)
6.(
More Events on Pg5
Jindalstel
70
(6.5)
Hcltech
750
(6.2)
Ceatltd
1,098
(5.9)
Hcc
21
(5.0)
As on April 29, 2016
Market Outlook
May 2, 2016
Result Review
ICICI Bank (CMP: `237 / TP: `254 / Upside:7.4%)
ICICI Bank’s reported PAT is sharply down at `702cr. However, the company has
made a contingency provision of `3,600cr, adjusting for the exceptional provision,
the PAT of the company would have been in-line with our estimates.
Slippages during the quarters remained high at `7,000cr compared to `6,544cr in
3QFY16 and higher than our expectations of `6,500cr. However, the bank has
taken into consideration all the AQR related accounts and classified them as NPAs;
as a result Gross NPA ratio rose by 110bp QoQ to 5.82% while the Net NPA ratio
rose by 70bps QoQ to 2.98% in 4QFY2016. On the back of the onetime
provisioning the banks provisioning coverage ratio has improve to 61% from 53%
in 3QFY16.We believe the additional provisions will allow the back to meet the
challenges out of any incremental NPA in the coming quarter. Though asset quality
pressure continues to be there, as large and troubled accounts has been
recognised as NPAs and provision taken there on, the balance sheet of the bank is
on the path of strengthening. Though cleaning up off the books will take couple of
more quarters, the worst seems to be priced in at the current levels and we see
limited down side in the stock price in the near term. At CMP, the bank’s core
banking business (after adjusting `67/share towards value of subsidiaries) is
trading at 1.3x FY2017E ABV. We have an ACCUMULATE rating on the stock.
Federal Bank (CMP: `46 / TP: / Upside:)
Federal Bank reported disappointing set of numbers with the bottom line declining
96% yoy to `10.2crs. NII saw a growth of 13.3% qoq led by 10% qoq growth in
advances. Provision linked to food grain scam, regulatory requirement to increase
provisions towards accounts mentioned under AQR and higher slippages impacted
Q4FY16 earnings. On the asset quality front, fresh slippages remain elevated at
3.7%; however higher write-offs and bad loan sale to ARC enabled 1% QoQ
decline in Gross NPA ratio. We maintain our Neutral view on the stock.
UPL (CMP: `538 / TP: / Upside:)
UPL posted robust growth during the quarter. For 4QFY2016, the company posted
a sales of `4340cr, posting a yoy growth of 20%, manly lead by the 25% growth in
volume, along with the 1% rise in the price. The exchange rate dipped by 6.0%
during the period. In terms, of geography the Latin America (`1,428cr) posted a
growth of 57% yoy, Europe (`872cr) a yoy growth of 8%, USA (`971cr) a yoy
growth of 13% and India (`417cr) a yoy growth of 4%. The ROW region posted
flat sales of `652cr. On the operating front, strong sales growth lead, the Gross
margins come in at 40.1% V/s 38.4% in 4QFY2015, leading the OPM coming in
at 22.6% V/s 21.7% in 4QFY2015. Thus the net profit came in at `552cr V/s
`440cr, a yoy growth of 25.0%. We remain neutral 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)
FY2016
12,500
18.3
1,277
29.8
20.0
18.1
3.3
10.8
2.0
FY2017E
14,375
18.3
1,537
35.9
20.3
15.0
2.8
9.0
1.7
Market Outlook
May 2, 2016
Sanofi India (CMP: `4,400 / TP: / Upside:)
Sanofi India posted robust growth during the quarter, aided by margin expansion.
For 1QCY2016, the company posted a sales of `506cr, posting a yoy growth of
10%. On the operating front, the gross margins came in at 52.1% V/s 47.8%in
1QCY2015, which along with the lower rise in the other expenditure of 1.8% yoy,
aided the OPM’s to come in at 18.1% V/s 11.7% in 1CY2015. Thus, the reported
net profit came in at `80.6cr V/s `64.5cr, a yoy growth of 25.0%. However, Adj.
net profit, growth during the quarter was 66.5%. We remain neutral 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)
FY2016
2,082
17.4
272 118.2
19.9
37.2
5.4
26.0
4.5
FY2017E
2,371
20.8
349 151.5
25.5
29.0
4.4
18.1
3.8
Economic and Political News
PAC asks Rajan to explain 'real causes' of bad-loan menace
Coal supply to power sector ticks up 6% to 408 MT in 2015-16
FPIs stay glued to Indian market, pump in $2.2 billion in April
Corporate News
ICICI Bank top-brass foregoes performance bonus
Ujjivan to open 100 new branches to meet licence norms
SBI, other PSBs yet to raise funds of `22,257 cr from markets
Quarterly Bloomberg Brokers Consensus Estimate
HDFC Ltd. - May 2, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net profit
2,307
1,862
23.9
1,521
51.7
Godrej Consumer Products Ltd Consol - May 3, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
2,243
2,083
7.7
2,354
(4.7)
EBITDA
445
387
15.1
458
(2.8)
EBITDA margin (%)
19.8
18.6
19.5
Net profit
310
266
16.7
324
(4.2)
Adani ports and special economic zone- May 3, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
1,635
934
75.1
898
82.0
EBITDA
1,083
659
64.4
749
44.7
EBITDA margin (%)
66.3
70.6
83.4
Net profit
634
554
14.3
619
2.4
Market Outlook
May 2, 2016
Top Picks
Large Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
16,290
954
1,076
12.8
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
28,364
1,182
1,414
19.6
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
1,05,855
750
1,038
38.3
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,86,557
1,133
1,262
11.4
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
2,79,034
1,211
1,374
13.5
to be a US$20bn in FY2020.
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
23,333
462
592
28.0
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,992
999
1,089
9.0
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,831
426
481
13.0
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
5,786
198
270
36.2
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Commencement of new projects, downtrend in the interest
IL&FS Transport
2,461
75
93
24.3
rate cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,226
160
205
28.2
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,784
435
554
27.4
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,581
181
265
46.4
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,171
88
156
77.2
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
975
1,040
1,354
30.2
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
May 2, 2016
Key Upcoming Events
Result Calendar
Date
Company
May 02, 2016
HDFC
May 03, 2016
TVS Motor, Areva, Godrej Consumer, Adani Power
May 04, 2016
Mangalam Cement, Hexaware, Jindal Steel, Vesuvius India
May 05, 2016
Hero Motocorp
May 06, 2016
Siemens, Reliance Capital
May 09, 2016
HUL, MM Forging
May 10, 2016
Visaka Industries, Radico Khaitan
May 11, 2016
Apollo Tyres, Kotak Mah. Bank, South Ind.Bank, Asian Paints, Quick Heal
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country Event Description
Unit
Period
Last Reported Estimated
May 02, 2016
2:00 PM
UK
PMI Manufacturing
Value
Apr
51.00
51.20
May 03, 2016
1:25 PM Germany
PMI Manufacturing
Value Apr F
51.90
51.90
May 04, 2016
1:25 PM Germany
PMI Services
Value Apr F
54.60
54.60
May 05, 2016
6:00 PM
US
Unnemployment rate
% Apr
5.00
5.00
May 06, 2016
6:00 PM
US
Initial Jobless claims
Thousands Apr 30
257.00
6:00 PM
US
Change in Nonfarm payrolls
Thousands Apr
215.00
200.00
May 08, 2016
China
Exports YoY%
% Change Apr
11.50
1.30
May 10, 2016
India
Imports YoY%
% Change Apr
(21.56)
India
Exports YoY%
% Change Apr
(5.47)
7:00 AM
China
Consumer Price Index (YoY)
% Change Apr
2.30
2.40
May 11, 2016
2:00 PM
UK
Industrial Production (YoY)
% Change Mar
(0.50)
May 12, 2016
5:30 PM
India
Industrial Production YoY
% Change Mar
2.00
4:30 PM
UK
BOE Announces rates
% RatioMay 12
0.50
0.50
May 13, 2016
US
Producer Price Index (mom)
% Change Apr
0.20
11:30 AM Germany
GDP nsa (YoY)
% Change 1Q P
2.10
May 14, 2016
12:00 PM
India Monthly Wholesale Prices YoY%
% Change Apr
(0.85)
May 16, 2016
11:00 AM
China
Industrial Production (YoY)
% Change Apr
6.80
Source: Bloomberg, Angel Research
Market Outlook
May 2, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
9.9
7.8
7.7
10.0
8.0
7.5
7.6
7.3
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
3.0
2.5
6.0
4.0
2.0
2.0
5.0
4.5
-
4.0
(2.0)
(1.2)
(1.5)
(4.0)
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
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.3
4.9
5.0
5.0
4.8
54.0
5.0
4.4
3.7
3.7
52.0
4.0
50.0
3.0
48.0
2.0
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)
7.00
(10.0)
6.00
(15.0)
(20.0)
5.00
(25.0)
4.00
(30.0)
3.00
(35.0)
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 2, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
5.0
4.5
4.0
2.8
2.1
1.9
2.1
2.0
1.3
0.6
0.7
-
(2.0)
(4.0)
(3.8)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.3
6.9
6.0
5.0
4.8
4.0
2.8
2.2
2.4
1.3
1.5
2.0
1.1
0.5
-
(2.0)
(4.0)
(3.8)
(3.7)
(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
May 2, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
53,911
5.4
43.8
(1.3)
Russia
Micex
1,953
4.5
10.2
16.9
India
Nifty
7,850
1.7
7.9
(6.5)
China
Shanghai Composite
2,938
0.6
0.7
(33.2)
South Africa
Top 40
46,471
1.4
9.0
(3.8)
Mexico
Mexbol
45,785
(0.9)
9.2
2.7
Indonesia
LQ45
833
(1.5)
4.1
(13.0)
Malaysia
KLCI
1,673
(2.6)
2.5
(9.4)
Thailand
SET 50
892
(1.7)
12.3
(14.3)
USA
Dow Jones
17,774
0.3
10.6
(1.4)
UK
FTSE
6,242
0.6
5.2
(9.9)
Japan
Nikkei
16,666
(2.6)
(2.9)
(15.1)
Germany
DAX
10,039
(0.1)
4.1
(11.4)
France
CAC
4,429
(0.3)
2.5
(13.0)
Source: Bloomberg, Angel Research
Stock Watch
May 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
195
-
3,782
1,612
1,911
13.3
13.3
7.4
9.5
26.3
20.5
4.2
3.8
16.7
18.4
2.4
2.0
United Phosphorus
Neutral
538
-
23,074
12,500
14,375
18.3
18.3
29.8
35.9
18.1
15.0
3.3
2.8
20.0
20.3
1.9
1.6
Auto & Auto Ancillary
Ashok Leyland
Neutral
107
-
30,337
17,995
21,544
11.4
11.6
3.4
4.7
31.4
22.7
5.5
5.1
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,485
-
71,896
22,709
25,860
20.9
20.1
129.0
143.6
19.3
17.3
5.9
5.1
30.7
29.4
2.7
2.3
Bharat Forge
Accumulate
796
875
18,539
7,351
8,318
19.9
19.7
31.2
36.5
25.5
21.8
4.6
3.9
19.3
19.2
2.7
2.3
Eicher Motors
Neutral
20,035
-
54,417
15,556
16,747
15.5
17.3
464.8
597.5
43.1
33.5
15.7
11.6
36.2
34.3
3.4
3.1
Gabriel India
Accumulate
91
101
1,300
1,415
1,544
8.7
9.0
4.6
5.4
19.7
16.8
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,901
-
57,935
28,244
30,532
15.5
15.9
156.7
168.5
18.5
17.2
7.4
6.3
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
141
160
1,123
1,281
1,473
11.2
11.5
7.6
9.2
18.5
15.3
4.7
3.8
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
480
-
754
1,254
1,394
11.6
11.8
35.9
41.7
13.4
11.5
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,332
-
82,714
38,416
42,904
13.7
13.9
54.8
63.4
24.3
21.0
3.8
3.3
15.4
15.8
1.8
1.6
Maruti
Neutral
3,795
-
114,638
57,865
68,104
16.4
16.7
176.3
225.5
21.5
16.8
4.2
3.6
19.4
21.2
1.8
1.4
Minda Industries
Accumulate
996
1,047
1,580
2,523
2,890
8.7
9.0
55.0
65.4
18.1
15.2
3.5
2.8
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
253
313
33,432
39,343
45,100
8.8
9.1
10.1
12.5
25.0
20.2
7.9
6.2
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
374
465
296
454
511
11.5
12.0
25.2
31.0
14.9
12.1
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
32
-
427
594
741
12.7
13.7
1.7
3.2
18.8
10.0
2.0
1.7
10.4
16.9
1.2
1.0
Tata Motors
Neutral
409
-
118,043
259,686
273,957
13.0
13.4
25.9
29.5
15.8
13.9
2.1
1.8
8.0
9.0
0.6
0.6
TVS Motor
Neutral
320
-
15,203
11,263
13,122
6.9
8.5
9.2
15.0
34.8
21.3
7.9
6.3
22.7
29.6
1.3
1.1
Amara Raja Batteries
Accumulate
954
1,076
16,290
4,892
5,871
17.4
17.6
28.8
37.1
33.1
25.7
7.7
6.2
23.4
24.1
3.3
2.7
Exide Industries
Accumulate
147
162
12,499
6,950
7,784
14.4
14.8
6.6
7.3
22.3
20.1
2.8
2.6
12.6
12.8
1.5
1.4
Apollo Tyres
Accumulate
160
183
8,155
12,056
12,714
17.2
16.4
23.0
20.3
7.0
7.9
1.2
1.1
17.7
13.6
0.7
0.7
Ceat
Neutral
1,098
-
4,440
6,041
6,597
14.1
13.7
99.5
111.9
11.0
9.8
2.2
1.8
19.6
18.5
0.9
0.8
JK Tyres
Neutral
84
-
1,903
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,102
-
1,368
552
630
14.2
14.7
44.6
54.1
24.7
20.4
5.7
5.2
23.2
25.6
2.3
2.0
Subros
Neutral
89
-
531
1,293
1,527
11.8
11.9
4.2
6.7
21.1
13.2
1.6
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
172
-
451
283
329
17.0
17.2
13.0
15.4
13.3
11.1
2.9
2.4
21.8
21.6
1.3
1.1
Capital Goods
ACE
Neutral
40
-
398
660
839
4.7
8.2
1.0
3.9
40.3
10.3
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
919
1,157
3,829
3,277
4,006
6.0
8.9
36.2
64.3
25.4
14.3
1.8
1.6
5.7
11.7
1.3
1.0
Bharat Electronics
Buy
1,182
1,414
28,364
7,737
8,634
16.8
17.2
54.0
61.5
21.9
19.2
3.1
2.8
39.3
45.6
2.8
2.4
Stock Watch
May 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
293
353
9,702
5,363
5,963
8.0
9.1
11.0
13.8
26.7
21.3
4.1
3.6
16.2
17.9
1.8
1.6
BGR Energy
Neutral
105
-
758
3,615
3,181
9.5
9.4
16.7
12.4
6.3
8.5
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
125
-
30,693
33,722
35,272
10.8
11.7
10.5
14.2
11.9
8.8
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Accumulate
426
481
3,831
3,548
3,977
6.3
6.9
13.7
17.2
31.1
24.8
7.8
5.1
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
58
-
3,616
13,484
14,687
4.9
6.2
4.5
7.1
12.8
8.1
0.9
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
134
-
3,260
1,655
1,755
16.6
16.8
7.4
7.8
18.0
17.1
3.6
3.4
21.1
20.6
1.9
1.8
Inox Wind
Buy
272
458
6,032
4,980
5,943
17.0
17.5
26.6
31.6
10.2
8.6
3.1
2.3
35.0
30.0
1.4
1.1
KEC International
Neutral
126
-
3,229
8,791
9,716
6.1
6.8
5.4
8.2
23.3
15.3
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
766
-
9,123
6,413
7,525
7.4
8.5
30.5
39.3
25.1
19.5
3.9
3.4
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
575
-
3,133
2,722
3,336
7.9
8.1
19.5
24.6
29.5
23.4
3.1
2.7
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,443
-
27,092
13,151
14,757
16.4
18.3
63.9
83.4
22.6
17.3
2.9
2.7
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
221
-
34,281
11,564
12,556
19.4
20.7
8.9
10.1
24.8
21.9
3.1
3.0
12.8
13.8
2.6
2.4
HeidelbergCement
Neutral
96
-
2,169
1,772
1,926
13.3
15.4
1.0
3.0
95.7
31.9
2.4
2.2
2.6
7.9
1.8
1.6
India Cements
Neutral
89
-
2,740
4,216
4,840
18.0
19.5
4.0
9.9
22.3
9.0
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
594
-
4,152
3,661
4,742
10.1
15.8
7.5
28.5
79.2
20.8
2.4
2.1
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
350
-
4,116
2,947
3,616
16.7
19.9
11.5
27.2
30.4
12.9
2.9
2.5
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
267
-
714
1,053
1,347
10.5
13.3
8.4
26.0
31.8
10.3
1.3
1.2
4.3
12.5
1.1
0.8
Orient Cement
Neutral
148
-
3,032
1,854
2,524
21.2
22.2
7.7
11.1
19.2
13.3
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
451
-
10,736
4,036
4,545
20.8
21.3
15.1
18.8
29.9
24.0
3.7
3.2
12.9
14.3
3.2
2.7
Shree Cement^
Neutral
12,746
-
44,402
7,150
8,742
26.7
28.6
228.0
345.5
55.9
36.9
8.2
6.9
15.7
20.3
6.0
4.8
UltraTech Cement
Neutral
3,162
-
86,788
24,669
29,265
18.2
20.6
82.0
120.0
38.6
26.4
4.2
3.6
11.3
14.7
3.6
3.0
Construction
ITNL
Buy
75
93
2,461
7,360
8,825
34.0
35.9
7.0
9.0
10.7
8.3
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
551
603
1,548
937
1,470
14.3
14.0
44.2
38.6
12.5
14.3
2.5
2.2
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,254
-
116,810
58,870
65,708
8.3
10.3
42.0
53.0
29.9
23.7
2.1
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
170
-
8,235
629
684
51.0
52.2
6.4
5.9
26.6
28.9
3.5
3.2
15.9
12.7
12.7
11.5
MBL Infrastructures
Buy
141
285
585
2,313
2,797
12.2
14.6
19.0
20.0
7.4
7.1
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
78
-
4,350
7,892
8,842
8.8
9.1
3.0
5.3
26.1
14.8
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
518
558
2,658
1,873
2,288
13.2
13.5
24.0
32.0
21.6
16.2
2.1
1.9
12.1
12.3
1.5
1.3
Simplex Infra
Neutral
264
-
1,308
5,955
6,829
10.3
10.5
16.0
31.0
16.5
8.5
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
May 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
Power Mech Projects
Neutral
590
-
868
1,539
1,801
12.8
12.7
59.0
72.1
10.0
8.2
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
264
289
4,528
3,481
4,219
10.7
10.8
8.2
11.7
32.2
22.6
3.1
2.7
10.3
13.5
1.6
1.3
NBCC
Accumulate
999
1,089
11,992
5,816
7,382
6.9
7.7
29.6
39.8
33.8
25.1
6.1
4.8
24.1
26.7
1.8
1.4
MEP Infra
Neutral
42
-
688
1,956
1,876
28.1
30.5
1.3
3.0
32.6
14.1
6.8
4.6
21.2
32.8
1.8
1.8
SIPL
Neutral
103
-
3,628
675
1,042
62.4
64.7
-
-
3.9
4.4
-
-
17.0
11.5
Engineers India
Neutral
179
-
6,041
1,667
1,725
13.5
16.0
9.7
11.4
18.5
15.7
2.2
2.1
11.7
13.4
2.4
2.4
Financials
Allahabad Bank
Neutral
58
-
3,578
8,569
9,392
2.8
2.9
16.3
27.5
3.6
2.1
0.3
0.3
7.6
11.9
-
-
Axis Bank
Neutral
472
-
112,557
26,473
31,527
3.5
3.6
35.7
43.5
13.2
10.9
2.2
1.9
17.9
18.9
-
-
Bank of Baroda
Neutral
158
-
36,406
18,485
21,025
1.9
2.0
13.5
21.1
11.7
7.5
0.9
0.8
7.3
10.6
-
-
Bank of India
Neutral
93
-
7,557
15,972
17,271
1.9
2.0
15.3
33.4
6.1
2.8
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
206
-
11,186
15,441
16,945
2.0
2.1
46.6
70.4
4.4
2.9
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
30
-
1,977
3,440
3,840
2.1
2.3
7.3
10.0
4.1
3.0
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
198
270
5,786
1,892
2,277
2.9
2.9
25.9
30.8
7.7
6.4
1.2
1.0
15.3
15.9
-
-
Federal Bank
Neutral
46
-
7,894
3,477
3,999
3.0
3.0
5.0
6.2
9.2
7.4
0.9
0.8
10.6
11.9
-
-
HDFC
Neutral
1,089
-
172,013
10,358
11,852
3.3
3.3
41.1
47.0
26.5
23.2
5.1
4.6
24.7
24.9
-
-
HDFC Bank
Accumulate
1,133
1,262
286,557
38,309
47,302
4.3
4.3
49.3
61.1
23.0
18.6
4.0
3.4
18.5
19.7
-
-
ICICI Bank
Accumulate
237
254
137,584
34,279
39,262
3.3
3.3
21.0
24.4
11.3
9.7
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
69
-
14,247
9,625
10,455
1.8
1.8
8.5
14.2
8.1
4.9
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
98
-
4,692
6,160
6,858
2.5
2.5
24.5
29.8
4.0
3.3
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
462
592
23,333
3,101
3,745
2.5
2.5
33.0
40.2
14.0
11.5
2.6
2.2
19.7
20.5
-
-
Oriental Bank
Neutral
91
-
2,930
7,643
8,373
2.4
2.4
37.2
45.4
2.5
2.0
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
87
-
17,103
23,638
26,557
2.8
2.8
17.9
27.2
4.9
3.2
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,464
1,965
2,185
2.5
2.5
2.5
3.3
7.3
5.5
0.7
0.7
9.5
11.7
-
-
St Bk of India
Neutral
189
-
146,678
79,958
86,061
2.6
2.6
13.4
20.7
14.1
9.1
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
127
-
8,758
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.3
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,961
3,536
3,827
1.9
1.9
5.5
6.7
5.7
4.8
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
944
-
39,705
7,190
9,011
3.2
3.3
58.2
69.7
16.2
13.6
2.9
2.5
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
868
-
83,268
16,553
19,160
16.0
16.2
17.7
21.5
49.1
40.4
13.0
11.7
29.4
31.2
4.9
4.2
Britannia
Neutral
2,857
-
34,279
8,481
9,795
14.0
14.1
65.5
78.3
43.6
36.5
20.6
16.9
38.3
41.2
4.0
3.4
Stock Watch
May 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
Colgate
Neutral
841
-
22,886
4,136
4,632
22.5
23.3
22.2
25.3
37.9
33.3
23.1
20.5
68.6
67.5
5.4
4.8
Dabur India
Neutral
276
-
48,473
9,370
10,265
17.6
17.3
7.3
8.1
37.6
34.0
9.7
8.9
31.7
30.6
5.0
4.6
GlaxoSmith Con*
Neutral
5,902
-
24,821
4,519
5,142
19.6
19.8
164.3
191.2
35.9
30.9
10.0
8.5
30.8
29.9
4.9
4.3
Godrej Consumer
Neutral
1,323
-
45,039
9,003
10,335
18.1
18.7
34.1
41.8
38.8
31.6
8.4
7.2
23.9
24.8
5.2
4.5
HUL
Neutral
867
-
187,538
33,299
35,497
17.1
17.1
18.9
20.0
45.9
43.3
23.2
26.7
87.6
80.8
5.4
5.1
ITC
Accumulate
325
359
261,373
36,804
38,776
37.9
37.9
12.2
12.9
26.6
25.2
7.4
6.5
27.7
25.8
6.7
6.3
Marico
Neutral
258
-
33,325
6,151
6,966
17.2
17.3
5.4
6.4
47.8
40.4
15.0
11.9
33.2
32.4
5.3
4.7
Nestle*
Neutral
5,744
-
55,380
9,393
10,507
22.2
22.3
106.8
121.8
53.8
47.2
18.9
17.0
34.8
36.7
5.7
5.1
Tata Global
Accumulate
120
137
7,577
8,635
9,072
9.8
9.9
5.8
7.2
20.7
16.7
1.8
1.8
6.8
7.4
0.9
0.9
Procter & Gamble
Buy
6,305
7,369
20,467
2,588
2,939
23.3
23.2
130.2
146.2
48.4
43.1
96.6
92.6
27.6
25.3
7.5
6.5
Hygiene
IT
HCL Tech^
Buy
750
1,038
105,855
42,038
47,503
21.2
21.5
51.5
57.7
14.6
13.0
3.2
2.4
21.5
18.8
2.1
1.7
Infosys
Accumulate
1,211
1,374
279,034
62,441
70,558
27.5
27.5
59.0
65.3
20.5
18.5
4.1
3.8
22.2
22.4
3.9
3.4
TCS
Buy
2,530
3,004
498,528
108,646
122,770
28.3
28.3
123.7
141.0
20.5
17.9
6.8
6.2
33.1
34.6
4.1
3.6
Tech Mahindra
Accumulate
487
530
47,273
26,524
29,177
16.2
17.0
28.8
33.6
16.9
14.5
3.3
2.8
19.3
19.1
1.6
1.3
Wipro
Buy
554
680
136,803
50,808
56,189
23.7
23.8
37.3
40.7
14.8
13.6
2.8
2.6
19.2
17.7
2.2
1.8
Media
D B Corp
Accumulate
326
356
5,994
2,025
2,187
27.4
27.4
17.4
18.9
18.7
17.3
4.2
3.9
22.9
23.7
2.9
2.7
HT Media
Neutral
89
-
2,074
2,495
2,673
12.9
13.2
6.8
7.2
13.1
12.4
1.0
1.0
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
160
205
5,226
2,170
2,355
27.2
26.2
8.9
9.9
18.0
16.2
3.8
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Neutral
371
-
14,613
2,510
2,763
71.8
71.5
21.9
24.8
16.9
15.0
4.0
3.6
22.8
24.3
5.3
4.8
Hindustan Media
Neutral
254
-
1,865
914
1,016
21.7
21.5
21.9
23.3
11.6
10.9
2.1
1.8
18.0
16.2
1.5
1.2
Ventures
Metals & Mining
Coal India
Buy
287
380
181,343
76,167
84,130
19.9
22.3
22.4
25.8
12.8
11.1
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
172
-
72,612
14,641
14,026
50.4
50.4
17.7
16.0
9.7
10.7
1.5
1.4
16.2
13.2
2.6
2.4
Hindalco
Neutral
96
-
19,896
104,356
111,186
8.7
9.5
6.7
11.1
14.3
8.7
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,372
-
33,163
42,308
45,147
16.4
20.7
(10.3)
49.5
27.7
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
96
-
37,903
8,237
10,893
46.6
44.5
10.0
11.7
9.6
8.2
1.1
0.9
12.5
13.0
4.4
3.3
SAIL
Neutral
47
-
19,535
45,915
53,954
7.2
10.5
1.5
4.4
31.4
10.8
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
104
-
30,774
71,445
81,910
26.2
26.3
12.9
19.2
8.1
5.4
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
351
-
34,046
126,760
137,307
8.9
11.3
6.4
23.1
55.1
15.2
1.1
1.1
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
145
-
27,176
11,323
12,490
49.4
51.0
20.7
20.7
7.0
7.0
0.5
0.4
6.4
6.1
1.5
0.8
Stock Watch
May 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
GAIL
Neutral
360
-
45,703
64,856
70,933
9.1
9.6
24.0
28.9
15.0
12.5
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
218
-
186,424
154,564
145,998
36.8
37.4
20.8
22.6
10.5
9.6
1.0
0.9
10.1
9.7
1.4
1.6
Petronet LNG
Neutral
263
-
19,736
29,691
31,188
5.8
6.2
12.8
13.4
20.6
19.6
3.1
2.7
15.8
14.8
0.7
0.7
Indian Oil Corp
Accumulate
433
455
105,191
359,607
402,760
5.9
6.1
42.5
48.7
10.2
8.9
1.4
1.2
14.1
14.4
0.4
0.4
Reliance Industries
Buy
983
1,150
318,383
304,775
344,392
12.6
13.4
91.3
102.6
10.8
9.6
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
603
-
11,366
3,274
3,802
26.9
19.4
35.0
28.7
17.2
21.0
7.6
5.8
55.6
31.2
3.4
2.9
Aurobindo Pharma
Accumulate
761
856
44,528
14,923
17,162
22.0
23.0
35.7
42.8
21.3
17.8
6.3
4.7
34.0
30.2
3.4
2.9
Aventis*
Neutral
4,400
-
10,135
2,082
2,371
17.4
20.8
118.2
151.5
37.2
29.1
5.4
4.4
19.9
25.5
4.5
3.8
Cadila Healthcare
Accumulate
327
352
33,476
10,224
11,840
21.0
22.0
14.6
17.6
22.4
18.6
6.1
4.8
30.8
29.0
3.3
2.8
Cipla
Accumulate
537
605
43,142
13,979
16,447
20.2
18.6
25.7
27.5
20.9
19.5
3.4
2.9
17.6
16.1
3.1
2.6
Dr Reddy's
Buy
3,094
3,933
52,770
16,838
19,575
25.0
23.1
167.5
178.8
18.5
17.3
3.9
3.3
23.1
20.4
3.1
2.6
Dishman Pharma
Neutral
338
-
2,726
1,733
1,906
21.5
21.5
17.0
19.9
19.9
17.0
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,737
-
31,656
2,870
3,158
20.0
22.1
59.5
68.3
62.8
54.7
18.5
19.0
28.5
34.3
10.5
9.6
Indoco Remedies
Neutral
267
-
2,456
1,033
1,199
15.9
18.2
9.4
13.6
28.4
19.6
4.2
3.6
15.7
19.7
2.5
2.1
Ipca labs
Buy
496
900
6,258
3,363
3,909
12.9
18.6
13.4
28.0
37.0
17.7
2.7
2.3
7.4
14.0
2.2
1.8
Lupin
Neutral
1,608
-
72,461
13,092
16,561
25.0
27.0
50.4
68.3
31.9
23.5
6.6
5.2
22.8
24.7
5.3
4.0
Sun Pharma
Buy
811
950
195,253
28,163
32,610
25.8
30.7
17.4
26.9
46.6
30.2
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
71
-
19,068
35,923
37,402
22.6
22.8
4.1
5.2
17.4
13.7
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Accumulate
139
146
114,447
87,271
99,297
23.5
23.5
11.8
13.3
11.8
10.4
1.3
1.2
11.5
12.2
2.3
2.1
Power Grid
Buy
143
170
75,047
20,702
23,361
86.7
86.4
12.1
13.2
11.9
10.9
1.7
1.6
15.6
15.1
8.6
7.9
Real Estate
MLIFE
Buy
435
554
1,784
697
1,011
14.9
19.3
13.8
20.1
31.5
21.6
1.2
1.1
3.8
5.3
3.9
2.6
Telecom
Bharti Airtel
Neutral
364
-
145,425
101,748
109,191
32.1
31.7
12.0
12.5
30.3
29.1
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
118
-
42,594
34,282
36,941
32.0
31.5
5.9
6.2
20.1
19.1
1.8
1.7
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,640
-
9,859
2,715
3,153
14.5
14.1
134.3
152.2
34.6
30.5
8.6
7.1
27.4
25.6
3.4
2.8
Bajaj Electricals
Neutral
229
-
2,310
4,719
5,287
5.2
5.8
8.6
12.7
26.7
18.1
3.1
2.7
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
284
-
4,343
2,520
2,883
12.2
12.0
12.7
14.2
22.4
20.0
3.1
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Buy
505
582
1,164
1,800
1,600
11.7
11.5
58.7
52.9
8.6
9.5
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,360
-
3,697
1,779
2,081
7.8
8.8
21.8
33.4
62.4
40.7
10.1
8.1
17.4
22.1
2.1
1.8
Jyothy Laboratories
Neutral
305
-
5,517
1,620
1,847
11.5
11.5
7.3
8.5
41.8
36.0
5.4
5.0
13.3
14.4
3.3
2.8
Stock Watch
May 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
MRF
Buy
33,792
45,575
14,331
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.2
8.9
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
12,545
-
13,993
1,929
2,450
19.8
20.1
229.9
299.0
54.6
42.0
24.1
16.7
52.1
47.1
7.3
5.7
Relaxo Footwears
Neutral
486
-
5,839
1,767
2,152
12.3
12.5
19.3
25.1
25.3
19.4
6.2
4.8
27.7
27.8
3.4
2.7
Siyaram Silk Mills
Buy
1,040
1,354
975
1,636
1,815
11.5
11.5
89.9
104.1
11.6
10.0
1.9
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
620
-
1,090
1,271
1,440
8.6
9.2
32.0
41.1
19.4
15.1
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,290
3,217
1,754
2,035
2,252
15.9
15.3
248.6
268.1
9.2
8.5
4.0
2.9
43.6
33.9
0.9
0.8
HSIL
Neutral
297
-
2,149
2,123
2,384
16.1
16.5
15.0
18.9
19.8
15.8
1.5
1.4
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
237
-
3,424
2,403
2,554
8.6
9.9
9.2
10.5
25.8
22.6
2.5
2.4
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
466
614
562
511
615
21.7
21.6
43.1
55.8
10.8
8.4
2.0
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
133
-
949
1,208
1,353
11.0
12.3
10.8
14.5
12.3
9.2
1.4
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
156
-
96
1,040
1,137
3.2
3.1
25.7
28.0
6.0
5.6
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,228
-
1,832
1,871
2,031
10.7
10.5
63.2
69.8
19.4
17.6
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Buy
118
143
187
1,020
1,120
8.7
9.1
13.9
20.1
8.5
5.9
0.5
0.5
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
267
-
2,033
2,830
3,350
8.8
9.0
14.4
18.3
18.6
14.6
2.9
2.5
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
62
-
679
1,359
1,482
10.3
13.7
0.8
3.9
77.6
16.0
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
150
201
656
2,992
3,223
8.1
8.4
14.7
18.3
10.2
8.2
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
169
-
674
286
366
18.3
17.7
7.7
9.4
21.9
18.1
4.6
4.0
20.2
21.1
2.3
1.7
Radico Khaitan
Buy
88
156
1,171
1,517
1,635
12.7
13.4
5.8
7.1
15.1
12.4
1.3
1.2
8.6
9.6
1.2
1.1
Garware Wall Ropes
Buy
354
473
775
862
974
11.2
11.2
24.9
29.6
14.2
12.0
2.1
1.8
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
382
-
2,158
206
308
44.0
43.6
9.0
12.9
42.4
29.6
5.8
5.3
13.7
17.8
10.4
6.9
Linc Pen & Plastics
Neutral
192
-
284
340
371
8.3
8.9
10.8
13.2
17.8
14.5
2.8
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
155
-
623
222
287
20.5
20.5
5.6
7.6
27.6
20.6
5.2
4.3
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
1,076
-
38,773
17,022
21,122
20.7
14.5
63.9
53.7
16.8
20.1
25.2
20.7
149.9
103.2
2.3
1.9
Coffee Day Enterprises
Neutral
259
-
5,340
2,692
2,964
17.0
18.6
-
4.7
-
54.7
3.2
3.0
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
86
-
2,051
998
1,062
24.1
24.0
5.8
6.1
15.0
14.1
3.3
2.9
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
181
265
2,581
365
436
38.3
37.5
5.6
5.9
32.1
30.8
2.0
1.9
6.3
6.1
7.9
6.8
UFO Moviez
Neutral
511
-
1,404
558
619
32.0
33.2
22.5
30.0
22.7
17.0
2.7
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
400
-
3,645
1,725
1,902
16.5
16.7
12.2
14.6
32.8
27.4
6.8
6.0
20.8
21.9
2.3
2.0
Team Lease Serv.
Neutral
936
-
1,600
2,565
3,229
1.3
1.5
15.2
22.8
61.7
41.1
4.9
4.4
8.0
10.7
0.5
0.4
Stock Watch
May 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
S H Kelkar & Co.
Neutral
228
-
3,297
928
1,036
15.3
15.1
4.9
6.1
46.2
37.3
4.3
4.0
9.4
10.7
3.5
3.1
Quick Heal
Neutral
261
-
1,825
339
408
27.8
27.3
7.1
7.7
36.9
33.7
3.1
3.1
8.5
9.3
4.3
3.6
Narayana Hrudaya
Neutral
298
-
6,090
1,603
1,873
10.9
11.5
1.0
2.6
312.8
112.7
7.5
6.9
2.4
6.1
3.9
3.4
Manpasand Bever.
Neutral
533
-
2,668
540
836
19.9
19.6
10.2
16.9
52.0
31.6
4.2
3.8
8.1
12.0
4.6
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 29, 2016
Market Outlook
May 02, 2016
Research Team Tel: 022 - 39357800
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