Market Outlook
May 23, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.4)
(98)
25,302
Indian Markets are expected to open in the green tracking the SGX Nifty and global
Nifty
(0.4)
(34)
7,750
cues.
Mid Cap
(0.5)
(54)
11,023
U.S markets closed in the positive led by some value buying post three consecutive
Small Cap
(0.8)
(92)
10,964
sessions of weakness on account of concerns about an increase in US interest rates
next month.
Bankex
(0.5)
(90)
18,740
The European markets ended Friday's session firmly in positive territory, following
the steep losses of the previous day. Strength in the Asian markets and recovery in
Global Indices
Chg (%)
(Pts)
(Close)
commodity prices also helped the markets.
Dow Jones
0.4
66
17,501
Indian markets witnessed some selling pressure in the last hour of the trading
Nasdaq
1.2
57
4,770
session after trading in the green for most part of the day. Pharma major Lupin
FTSE
1.7
103
6,156
crashed 8% despite better than expected results due to USFDA concerns at its Goa
Nikkei
0.5
90
16,736
plant.
Hang Seng
0.8
158
19,852
News Analysis
Shanghai Com
0.7
19
2,825
SAIL eyes 17 million tonnes sales in FY17; targets defence, aerospace
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
851
455
Declines
1,735
1,107
Key Domestic & Global Indicators
Unchanged
173
65
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
BSE
2,495
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
14,399
Amara Raja
Auto/Auto Ancillary Accumulate
946
1,076
13.7
HCL Tech
IT
Buy
735
1,000
36.0
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing
Financials
Buy
445
592
33.1
FII
341
1,811
13,601
Bharat Electronics
Capital Goods
Buy
1,100
1,414
28.5
MFs
40
2,350
4,946
Navkar Corporation Others
Buy
184
265
43.9
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Ktkbank
120
7.1
Previous
Consensus
Date
Region
Event Description
Edelweiss
68
6.4
Reading
Expectations
May 23 Germany
PMI Services
54.5
54.6
Pidilitind
653
6.0
May 24 US
New home sales
511
521
Gati
131
4.6
May 26 US
GDP QoQ (Annualised)
0.5
0.9
Justdial
751
3.9
May 27 UK
GDP (YoY)
2.1
2.1
More Events on Pg5
Top Losers
Price (`)
Chg (%)
Lupin
1,505
(9.1)
Sci
69
(6.5)
Jetairways
603
(4.8)
Gsfc
78
(4.3)
Balramchin
111
(4.1)
As on May 20, 2016
Market Outlook
May 23, 2016
SAIL eyes 17 million tonnes sales in FY17; targets defence, aerospace
SAIL is targeting sales of 17MT in the current fiscal with focus on deriving 70% of
the total figure from the northern and eastern regions of the country. The company
aims to take the sales figure further to 20 MT in fiscal 2017-18. To achieve these
targets, Sail has set its sights on increasing its presence in sectors such as defence
& aerospace. The company will also strengthen its customer base through
increased efforts for customer retention and interaction to increase its retail sales to
15% of the total finished steel sales.
Sail has already earmarked around `6,000cr this fiscal on various modernisation
and expansion programmes as well as on research and development (R&D)
initiatives. The company had spent ~`4,483cr as capital expenditure in FY2015-
16. The money will go to energy saving methods, enriching product mix, pollution
control, developing mines and collieries to meet higher requirement of key inputs
and to introduce customer centric processes.
Economic and Political News
India's forex reserves went down marginally by $970 million
Railways in talks to procure another 200MW of Dabhol power
Bonds worth Rs 1.5-1.75 lakh cr to be issued under Uday in FY17
Corporate News
Vedanta to produce 1.5 mn tonnne aluminium in FY17
GMR to invest `471cr to set up LNG terminal on east coast
Tata Steel UK ops bidders may join hands: Report
Market Outlook
May 23, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Tata Power Co. Ltd. Consol- May 23, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
9,250
8,167
13.3
9,230
0.2
EBITDA
2,009
1,962
2.4
2,472
(18.7)
EBITDA margin (%)
21.7
24.0
26.8
Net profit
280
159
75.8
212
32.5
Bharat Petroleum Corp. Ltd. - May 23, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
40,365
51,304
(21.3)
46613
(13.4)
EBITDA
2,970
4,496
(33.9)
2417
22.9
EBITDA margin (%)
7.4
8.8
5.2
Net profit
1,822
2,853
(36.1)
1489
22.4
Tech Mahindra Ltd. Consol - May 24, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
6,835
6,117
11.7
6,701
2.0
EBITDA
1,133
928
22.0
1,136
(0.3)
EBITDA margin (%)
16.6
15.2
16.9
Net profit
742
472
57.1
759
(2.3)
Colgate Palmolive India Ltd. - May 24, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
1,062
1,022
3.9
1007
5.5
EBITDA
266
247
7.5
231
15.2
EBITDA margin (%)
25.0
24.2
22.9
Net profit
169
164
3.5
159
6.3
Tata Global Beverage Ltd. Consol - May 24, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
1,950
1,875
4.0
2,051
(4.9)
EBITDA
195
188
3.7
172
13.5
EBITDA margin (%)
10.0
10.0
8.4
Net profit
76
4
1,852.6
59
28.7
Power Finance Corp. Ltd. - May 24, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net profit
1,580
1,561
1.2
1,582
(0.1)
Cipla Ltd. - May 24, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
3,356
2,981
12.6
3,027
10.9
EBITDA
612
502
21.9
455
34.5
EBITDA margin (%)
18.2
16.8
15.0
Net profit
354
287
23.3
361
(1.9)
Market Outlook
May 23, 2016
Top Picks HHHHH
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
16,163
946
1,076
13.7
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
26,402
1,100
1,414
28.5
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
1,03,697
735
1,000
36.0
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,88,409
1,140
1,262
10.7
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
2,76,035
1,202
1,374
14.3
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
22,432
445
592
33.1
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
11,611
968
1,089
12.6
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,839
427
481
12.7
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
5,448
187
270
44.6
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
2,326
71
93
31.5
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
5,554
170
205
20.7
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,829
446
554
24.3
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,625
184
265
43.9
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,159
87
125
43.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
992
1,059
1,354
27.9
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
May 23, 2016
Key Upcoming Events
Result Calendar
Date
Company
May 23, 2016
BPCL, Jyothy Laboratories, HSIL, Heritage Foods, Tata Power Co., VRL Logistics, Team Lease Serv.
Tata Global, Amara Raja Batteries, J & K Bank, Power Fin.Corpn., Bank of India, Colgate, Tech Mahindra, MOIL,
May 24, 2016
Prakash Industries, Page Industries, Cipla
Bajaj Auto, Bosch India, Ashok Leyland, Cummins India, Thermax, LMW, Hindustan Media Ventures, Tata Steel, GAIL,
May 25, 2016
Abbott India, GSK Pharma
May 26, 2016
Tata Chemicals, India Cements, Mphasis, HT Media, Finolex Cables, Banco, UFO Moviez
BHEL, Crompton Greaves, St Bk of India, Canara Bank, Rural Elec.Corp., Central Bank, ONGC, IOC, HPCL,
May 27, 2016
Cravatex, Surya Roshni, Indoco Remedies, GIPCL, S H Kelkar & Co.
May 28, 2016
Coal India, Hindalco, NHPC
Tata Motors, M&M, Blue Star, SAIL, Bajaj Electrical, Hitachi, Sun Pharma, Aurobindo Pharma, NTPC, Unitech,
May 30, 2016
Transport Corporation of India
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 23, 2016 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
May A
(9.30)
(9.00)
1:00PM Germany
PMI Services
Value
May P
54.50
54.60
11:30AM Germany
GDP nsa (YoY)
% Change
1Q F
1.30
1.30
May 24, 2016 1:00PM Germany
PMI Manufacturing
Value
May P
51.80
52.00
7:30PM US
New home sales
Thousands
Apr
511.00
521.00
May 26, 2016 6:00PM US
GDP Qoq (Annualised)
% Change
1Q S
0.50
0.90
6:00PM US
Initial Jobless claims
Thousands
May 21
278.00
275.00
May 27, 2016 2:00PM UK
GDP (YoY)
% Change
1Q P
2.10
2.10
May 31, 2016 1:25PM Germany
Unemployment change (000's)
Thousands
May
(16.00)
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
May
94.20
96.00
Jun 1, 2016
2:00PM UK
PMI Manufacturing
Value
May
49.20
--
6:30AM China
PMI Manufacturing
Value
May
50.10
50.00
Jun 2, 2016
5:15PM Euro Zone
ECB announces interest rates
%
Jun 2
--
--
Jun 3, 2016
6:00PM US
Change in Nonfarm payrolls
Thousands
May
160.00
163.00
6:00PM US
Unnemployment rate
%
May
5.00
4.90
Jun 7, 2016
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q F
0.50
--
11:00AM India
RBI Reverse Repo rate
%
Jun 7
6.00
--
11:00AM India
RBI Cash Reserve ratio
%
Jun 7
4.00
--
11:00AM India
RBI Repo rate
%
Jun 7
6.50
--
Source: Bloomberg, Angel Research
Market Outlook
May 23, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.6
7.7
10.0
8.0
7.5
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
4.0
2.5
6.0
2.0
2.0
0.1
5.0
4.5
-
4.0
(2.0)
(0.9)
(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
5.4
5.3
5.0
5.0
54.0
4.8
5.0
4.4
52.0
3.7
3.7
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
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 23, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.1
1.9
2.0
1.3
1.3
0.6
-
-
(2.0)
(1.2)
(4.0)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(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
May 23, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
49,723
(7.4)
19.9
(12.2)
Russia
Micex
1,891
(0.9)
8.8
15.5
India
Nifty
7,750
(2.1)
11.0
(6.2)
China
Shanghai Composite
2,825
(7.1)
(1.3)
(35.4)
South Africa
Top 40
46,531
(0.7)
4.8
(3.0)
Mexico
Mexbol
45,156
(1.1)
3.6
0.6
Indonesia
LQ45
805
(4.7)
(3.1)
(10.4)
Malaysia
KLCI
1,629
(4.8)
(2.8)
(10.1)
Thailand
SET 50
884
1.8
7.6
(11.3)
USA
Dow Jones
17,501
(3.3)
6.8
(4.0)
UK
FTSE
6,156
(3.9)
2.1
(11.4)
Japan
Nikkei
16,736
(1.0)
4.5
(14.7)
Germany
DAX
9,916
(4.2)
5.7
(14.7)
France
CAC
4,354
(5.2)
2.7
(13.1)
Source: Bloomberg, Angel Research
Stock Watch
May 23, 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
206
-
4,008
1,612
1,911
13.3
13.3
7.4
9.5
27.9
21.7
4.5
4.0
16.7
18.4
2.6
2.2
United Phosphorus
Buy
577
684
24,730
13,083
15,176
18.5
18.5
31.5
37.4
18.3
15.4
3.6
3.0
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Accumulate
99
111
28,288
17,995
21,544
11.4
11.6
3.4
4.7
29.2
21.2
5.1
4.7
17.7
22.2
1.6
1.3
Bajaj Auto
Accumulate
2,461
2,585
71,213
22,709
25,860
20.9
20.1
129.0
143.6
19.1
17.1
5.9
5.0
30.7
29.4
2.7
2.3
Bharat Forge
Buy
718
875
16,723
7,351
8,318
19.9
19.7
31.2
36.5
23.0
19.7
4.1
3.5
19.3
19.2
2.4
2.1
Eicher Motors
Accumulate
18,281
20,044
49,652
15,556
16,747
15.5
17.3
464.8
597.5
39.3
30.6
14.4
10.6
36.2
34.3
3.1
2.8
Gabriel India
Accumulate
90
101
1,296
1,415
1,544
8.7
9.0
4.6
5.4
19.6
16.7
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,897
-
57,844
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
144
160
1,150
1,281
1,473
11.2
11.5
7.6
9.2
19.0
15.7
4.8
3.9
25.4
25.2
1.0
0.8
L G Balakrishnan & Bros Neutral
476
-
748
1,254
1,394
11.6
11.8
35.9
41.7
13.3
11.4
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,294
-
80,372
38,416
42,904
13.7
13.9
54.8
63.4
23.6
20.4
3.6
3.2
15.4
15.8
1.8
1.5
Maruti
Neutral
3,947
-
119,233
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
Neutral
1,105
-
1,754
2,523
2,890
8.7
9.0
55.0
65.4
20.1
16.9
3.9
3.2
19.3
18.7
0.8
0.7
Motherson Sumi
Buy
268
313
35,423
39,343
45,100
8.8
9.1
10.1
12.5
26.5
21.4
8.4
6.6
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
366
465
290
454
511
11.5
12.0
25.2
31.0
14.5
11.8
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
31
-
416
594
741
12.7
13.7
1.7
3.2
18.3
9.7
1.9
1.7
10.4
16.9
1.2
1.0
Tata Motors
Neutral
385
-
111,027
259,686
273,957
13.0
13.4
25.9
29.5
14.9
13.0
1.9
1.7
8.0
9.0
0.6
0.6
TVS Motor
Accumulate
297
330
14,108
11,263
13,122
6.9
8.5
9.2
15.0
32.3
19.8
7.4
5.9
22.7
29.6
1.2
1.0
Amara Raja Batteries
Accumulate
946
1,076
16,163
4,892
5,871
17.4
17.6
28.8
37.1
32.9
25.5
7.7
6.1
23.4
24.1
3.3
2.7
Exide Industries
Accumulate
153
162
12,963
6,950
7,784
14.4
14.8
6.6
7.3
23.1
20.9
2.9
2.7
12.6
12.8
1.5
1.4
Apollo Tyres
Buy
152
183
7,735
12,056
12,714
17.2
16.4
23.0
20.3
6.6
7.5
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
947
1,119
3,829
6,041
6,597
14.1
13.7
99.5
111.9
9.5
8.5
1.9
1.6
19.6
18.5
0.8
0.7
JK Tyres
Neutral
82
-
1,855
7,446
7,669
15.2
14.0
19.6
18.4
4.2
4.5
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,107
-
1,375
552
630
14.2
14.7
44.6
54.1
24.8
20.5
5.8
5.3
23.2
25.6
2.3
2.0
Subros
Neutral
102
-
614
1,293
1,527
11.8
11.9
4.2
6.7
24.4
15.3
1.8
1.7
7.7
11.5
0.8
0.7
Indag Rubber
Neutral
183
-
481
283
329
17.0
17.2
13.0
15.4
14.2
11.9
3.1
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
42
-
411
660
839
4.7
8.2
1.0
3.9
41.6
10.7
1.3
1.2
3.2
11.3
0.8
0.6
BEML
Buy
863
1,157
3,594
3,277
4,006
6.0
8.9
36.2
64.3
23.8
13.4
1.7
1.5
5.7
11.7
1.2
0.9
Bharat Electronics
Buy
1,100
1,414
26,402
7,737
8,634
16.8
17.2
54.0
61.5
20.4
17.9
2.9
2.6
39.3
45.6
2.6
2.2
Stock Watch
May 23, 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
Accumulate
332
353
10,977
5,363
5,963
8.0
9.1
11.0
13.8
30.2
24.0
4.6
4.1
16.2
17.9
1.9
1.7
BGR Energy
Neutral
107
-
769
3,615
3,181
9.5
9.4
16.7
12.4
6.4
8.6
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
119
-
29,188
33,722
35,272
10.8
11.7
10.5
14.2
11.4
8.4
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Accumulate
427
481
3,839
3,548
3,977
6.3
6.9
13.7
17.2
31.2
24.9
7.8
5.1
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
61
-
3,833
13,484
14,687
4.9
6.2
4.5
7.1
13.6
8.6
1.0
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
138
-
3,373
1,655
1,755
16.6
16.8
7.4
7.8
18.7
17.7
3.7
3.5
21.1
20.6
2.0
1.9
Inox Wind
Buy
232
286
5,157
4,406
5,605
15.5
15.7
20.4
24.8
11.4
9.4
2.6
1.9
27.9
25.9
1.4
1.1
KEC International
Neutral
129
-
3,310
8,791
9,716
6.1
6.8
5.4
8.2
23.8
15.7
2.4
2.2
10.0
14.0
0.6
0.6
Thermax
Neutral
710
-
8,461
6,413
7,525
7.4
8.5
30.5
39.3
23.3
18.1
3.6
3.1
15.0
17.0
1.3
1.1
VATech Wabag
Neutral
556
-
3,028
2,722
3,336
7.9
8.1
19.5
24.6
28.5
22.6
3.0
2.7
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,396
-
26,204
13,151
14,757
16.4
18.3
63.9
83.4
21.8
16.7
2.8
2.6
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
209
-
32,458
11,564
12,556
19.4
20.7
8.9
10.1
23.5
20.7
2.9
2.8
12.8
13.8
2.5
2.3
HeidelbergCement
Neutral
92
-
2,094
1,772
1,926
13.3
15.4
1.0
3.0
92.4
30.8
2.3
2.2
2.6
7.9
1.8
1.5
India Cements
Neutral
85
-
2,599
4,216
4,840
18.0
19.5
4.0
9.9
21.2
8.6
0.8
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
584
-
4,086
3,661
4,742
10.1
15.8
7.5
28.5
77.9
20.5
2.3
2.1
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
350
-
4,117
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
1.5
Mangalam Cements
Neutral
245
-
655
1,053
1,347
10.5
13.3
8.4
26.0
29.2
9.4
1.2
1.1
4.3
12.5
1.0
0.8
Orient Cement
Neutral
155
-
3,181
1,854
2,524
21.2
22.2
7.7
11.1
20.2
14.0
2.9
2.5
13.3
15.7
2.5
1.7
Ramco Cements
Neutral
492
-
11,724
4,036
4,545
20.8
21.3
15.1
18.8
32.6
26.2
4.0
3.5
12.9
14.3
3.4
3.0
Shree Cement^
Neutral
12,950
-
45,114
7,150
8,742
26.7
28.6
228.0
345.5
56.8
37.5
8.4
7.0
15.7
20.3
6.3
5.1
UltraTech Cement
Neutral
3,143
-
86,246
24,669
29,265
18.2
20.6
82.0
120.0
38.3
26.2
4.1
3.6
11.3
14.7
3.6
3.1
Construction
ITNL
Buy
71
93
2,326
7,360
8,825
34.0
35.9
7.0
9.0
10.1
7.9
0.3
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
516
603
1,450
937
1,470
14.3
14.0
44.2
38.6
11.7
13.4
2.3
2.0
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,258
-
117,188
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
157
-
7,588
629
684
51.0
52.2
6.4
5.9
24.5
26.6
3.2
3.0
15.9
12.7
11.9
10.7
MBL Infrastructures
Buy
129
285
535
2,313
2,797
12.2
14.6
19.0
20.0
6.8
6.5
0.7
0.7
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
74
-
4,119
7,892
8,842
8.8
9.1
3.0
5.3
24.7
14.0
1.2
1.1
5.0
8.5
0.8
0.6
PNC Infratech
Neutral
563
-
2,889
1,873
2,288
13.2
13.5
24.0
32.0
23.5
17.6
2.3
2.0
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
264
-
1,305
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 23, 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
605
-
889
1,539
1,801
12.8
12.7
59.0
72.1
10.3
8.4
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Buy
261
298
4,474
3,186
3,598
10.2
10.3
8.0
9.0
32.6
29.0
3.0
2.7
9.4
9.9
1.7
1.5
NBCC
Accumulate
968
1,089
11,611
5,816
7,382
6.9
7.7
29.6
39.8
32.7
24.3
5.9
4.6
24.1
26.7
1.8
1.3
MEP Infra
Neutral
40
-
649
1,956
1,876
28.1
30.5
1.3
3.0
30.7
13.3
6.4
4.3
21.2
32.8
1.8
1.7
SIPL
Neutral
98
-
3,455
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.9
11.4
Engineers India
Neutral
178
-
5,984
1,667
1,725
13.5
16.0
9.7
11.4
18.3
15.6
2.2
2.1
11.7
13.4
2.4
2.5
Financials
Allahabad Bank
Neutral
50
-
3,097
8,569
9,392
2.8
2.9
16.3
27.5
3.1
1.8
0.3
0.2
7.6
11.9
-
-
Axis Bank
Neutral
491
-
117,054
26,204
29,738
3.6
3.5
34.5
35.4
14.2
13.9
2.2
2.0
16.8
14.9
-
-
Bank of Baroda
Neutral
136
-
31,233
18,802
21,088
2.0
2.2
(7.4)
13.0
10.4
1.1
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
81
-
7,589
15,972
17,271
1.9
2.0
15.3
33.4
5.3
2.4
0.2
0.2
3.6
7.6
-
-
Canara Bank
Neutral
184
-
9,977
15,441
16,945
2.0
2.1
46.6
70.4
4.0
2.6
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
29
-
1,907
3,440
3,840
2.1
2.3
7.3
10.0
4.0
2.9
0.3
0.2
6.1
7.9
-
-
Dewan Housing Finance Buy
187
270
5,448
1,828
2,225
2.9
3.0
24.9
29.7
7.5
6.3
1.2
1.0
15.1
16.1
-
-
Federal Bank
Neutral
51
-
8,676
3,279
3,787
2.8
2.9
3.9
5.5
12.8
9.1
1.0
1.0
8.4
10.8
-
-
HDFC
Neutral
1,180
-
186,437
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
Accumulate
1,140
1,262
288,409
38,606
47,696
4.4
4.5
48.8
61.4
23.4
18.6
4.0
3.5
18.7
20.0
-
-
ICICI Bank
Accumulate
220
243
127,971
34,279
39,262
3.3
3.3
21.0
24.4
10.5
9.0
1.8
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
64
-
13,197
9,625
10,455
1.8
1.8
8.5
14.2
7.5
4.5
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
90
-
4,337
6,160
6,858
2.5
2.5
24.5
29.8
3.7
3.0
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
445
592
22,432
3,179
3,758
2.6
2.6
32.9
40.6
13.5
10.9
2.5
2.1
19.6
20.7
-
-
Oriental Bank
Neutral
79
-
2,736
7,643
8,373
2.4
2.4
37.2
45.4
2.1
1.7
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
73
-
14,403
23,122
26,022
2.8
2.8
7.0
21.6
10.5
3.4
0.5
0.5
3.4
10.0
-
-
South Ind.Bank
Neutral
18
-
2,444
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
171
-
133,093
79,958
86,061
2.6
2.6
13.4
20.7
12.8
8.3
1.0
1.0
11.5
12.8
-
-
Union Bank
Neutral
106
-
7,266
12,646
14,129
2.3
2.4
31.0
39.1
3.4
2.7
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
30
-
2,821
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
978
-
41,135
7,190
9,011
3.2
3.3
58.2
69.7
16.8
14.0
3.0
2.6
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
956
-
91,714
16,553
19,160
16.0
16.2
17.7
21.5
54.1
44.5
14.4
12.9
29.4
31.2
5.4
4.6
Britannia
Neutral
2,934
-
35,197
8,481
9,795
14.0
14.1
65.5
78.3
44.8
37.5
21.2
17.4
38.3
41.2
4.2
3.6
Stock Watch
May 23, 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
810
-
22,031
4,136
4,632
22.5
23.3
22.2
25.3
36.5
32.0
22.2
19.8
68.6
67.5
5.3
4.7
Dabur India
Neutral
277
-
48,772
9,370
10,265
17.6
17.3
7.3
8.1
37.8
34.2
9.8
9.0
31.7
30.6
5.1
4.7
GlaxoSmith Con*
Accumulate
5,814
6,118
24,449
4,519
5,142
19.6
19.8
164.3
191.2
35.4
30.4
9.8
8.3
30.8
29.9
4.8
4.2
Godrej Consumer
Neutral
1,369
-
46,631
9,003
10,335
18.1
18.7
34.1
41.8
40.2
32.8
8.7
7.4
23.9
24.8
5.3
4.6
HUL
Neutral
813
-
175,852
33,299
35,497
17.1
17.1
18.9
20.0
43.0
40.6
21.8
25.0
87.6
80.8
5.1
4.8
ITC
Accumulate
330
359
265,518
36,804
38,776
37.9
37.9
12.2
12.9
27.1
25.6
7.5
6.6
27.7
25.8
6.7
6.3
Marico
Neutral
243
-
31,390
6,151
6,966
17.2
17.3
5.4
6.4
45.1
38.0
14.2
11.2
33.2
32.4
5.1
4.5
Nestle*
Neutral
5,975
-
57,612
9,393
10,507
22.2
22.3
106.8
121.8
56.0
49.1
19.7
17.7
34.8
36.7
6.1
5.4
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
Accumulate
6,412
7,369
20,814
2,588
2,939
23.3
23.2
130.2
146.2
49.2
43.9
98.2
94.2
27.6
25.3
7.6
6.6
Hygiene
IT
HCL Tech^
Buy
735
1,000
103,697
37,061
30,781
21.5
20.5
51.4
40.0
14.3
18.4
3.7
2.7
20.1
20.3
2.5
2.7
Infosys
Accumulate
1,202
1,374
276,035
62,441
70,558
27.5
27.5
59.0
65.3
20.4
18.4
4.1
3.7
22.2
22.4
3.9
3.4
TCS
Buy
2,532
3,004
498,922
108,646
122,770
28.3
28.3
123.7
141.0
20.5
18.0
6.8
6.2
33.1
34.6
4.2
3.6
Tech Mahindra
Accumulate
476
530
46,172
26,524
29,177
16.2
17.0
28.8
33.6
16.5
14.2
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
543
680
134,221
50,808
56,189
23.7
23.8
37.3
40.7
14.6
13.4
2.8
2.5
19.2
17.7
2.1
1.7
Media
D B Corp
Accumulate
325
356
5,963
2,025
2,187
27.4
27.4
17.4
18.9
18.7
17.2
4.2
3.8
22.9
23.7
2.9
2.6
HT Media
Neutral
88
-
2,038
2,495
2,673
12.9
13.2
6.8
7.2
12.9
12.2
1.0
1.0
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
170
205
5,554
2,170
2,355
27.2
26.2
8.9
9.9
19.1
17.2
4.0
3.5
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
374
-
14,743
2,510
2,763
71.8
71.5
21.9
24.8
17.1
15.1
4.0
3.7
22.8
24.3
5.3
4.8
Hindustan Media
Neutral
278
-
2,041
914
1,016
21.7
21.5
21.9
23.3
12.7
12.0
2.3
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
279
380
176,416
76,167
84,130
19.9
22.3
22.4
25.8
12.5
10.8
4.5
4.4
35.5
41.0
1.7
1.5
Hind. Zinc
Accumulate
161
175
68,154
14,641
14,026
50.4
50.4
17.7
16.0
9.1
10.1
1.4
1.3
16.2
13.2
2.4
2.3
Hindalco
Neutral
87
-
17,986
104,356
111,186
8.7
9.5
6.7
11.1
13.0
7.9
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,305
-
31,533
42,308
45,147
16.4
20.7
(10.3)
49.5
26.4
1.5
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
92
-
36,337
8,237
10,893
46.6
44.5
10.0
11.7
9.2
7.9
1.0
0.9
12.5
13.0
4.1
3.1
SAIL
Neutral
40
-
16,355
45,915
53,954
7.2
10.5
1.5
4.4
26.3
9.1
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
97
-
28,743
71,445
81,910
26.2
26.3
12.9
19.2
7.5
5.1
0.5
0.5
7.2
8.9
0.8
0.6
Tata Steel
Neutral
323
-
31,361
126,760
137,307
8.9
11.3
6.4
23.1
50.8
14.0
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
137
-
25,639
11,323
12,490
49.4
51.0
20.7
20.7
6.6
6.6
0.4
0.4
6.4
6.1
1.3
0.7
Stock Watch
May 23, 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
371
-
47,067
64,856
70,933
9.1
9.6
24.0
28.9
15.5
12.9
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
213
-
182,189
154,564
145,998
36.8
37.4
20.8
22.6
10.3
9.4
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
264
-
19,826
29,691
31,188
5.8
6.2
12.8
13.4
20.7
19.7
3.1
2.8
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
410
455
99,425
359,607
402,760
5.9
6.1
42.5
48.7
9.7
8.4
1.3
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Buy
934
1,150
302,768
304,775
344,392
12.6
13.4
91.3
102.6
10.2
9.1
1.2
1.0
11.8
12.0
0.9
0.8
Pharmaceuticals
Alembic Pharma
Neutral
564
-
10,639
3,274
3,802
26.9
19.4
35.0
28.7
16.1
19.7
7.1
5.4
55.6
31.2
3.2
2.7
Aurobindo Pharma
Accumulate
770
856
45,081
14,923
17,162
22.0
23.0
35.7
42.8
21.6
18.0
6.3
4.8
34.0
30.2
3.4
2.9
Aventis*
Accumulate
4,217
4,738
9,712
2,049
2,375
15.4
17.3
115.4
153.5
36.5
27.5
6.0
4.7
19.3
25.8
4.6
3.9
Cadila Healthcare
Buy
321
400
32,862
9,469
11,246
21.2
22.0
14.9
17.1
21.5
18.8
6.1
4.8
28.8
26.6
3.5
2.9
Cipla
Buy
507
605
40,752
13,979
16,447
20.2
18.6
25.7
27.5
19.7
18.5
3.2
2.8
17.6
16.1
2.9
2.4
Dr Reddy's
Buy
3,035
3,476
51,759
15,471
17,479
24.6
24.6
138.2
152.4
22.0
19.9
4.0
3.4
19.7
18.7
3.3
2.9
Dishman Pharma
Neutral
157
-
2,533
1,733
1,906
21.5
21.5
10.1
10.0
15.5
15.7
1.8
1.7
10.5
11.2
2.0
1.8
GSK Pharma*
Neutral
3,382
-
28,642
2,870
3,158
20.0
22.1
59.5
68.3
56.8
49.5
16.8
17.2
28.5
34.3
9.4
8.6
Indoco Remedies
Neutral
258
-
2,381
1,033
1,199
15.9
18.2
9.4
13.6
27.5
19.0
4.1
3.5
15.7
19.7
2.4
2.1
Ipca labs
Buy
450
750
5,676
3,363
3,909
12.9
18.6
13.4
28.0
33.6
16.1
2.4
2.1
7.4
14.0
2.0
1.7
Lupin
Neutral
1,505
-
67,837
13,092
16,561
25.0
27.0
50.4
68.3
29.9
22.0
6.2
4.9
22.8
24.7
5.4
4.2
Sun Pharma
Buy
792
950
190,622
28,163
32,610
25.8
30.7
17.4
26.9
45.5
29.4
4.3
3.7
13.0
16.6
6.2
5.2
Power
Tata Power
Neutral
69
-
18,770
35,923
37,402
22.6
22.8
4.1
5.2
17.1
13.5
1.3
1.2
7.5
9.3
1.5
1.3
NTPC
Accumulate
137
146
112,798
87,271
99,297
23.5
23.5
11.8
13.3
11.6
10.3
1.3
1.2
11.5
12.2
2.3
2.0
Power Grid
Buy
144
170
75,518
20,702
23,361
86.7
86.4
12.1
13.2
12.0
10.9
1.8
1.6
15.6
15.1
8.6
8.0
Real Estate
MLIFE
Buy
446
554
1,829
826
1,133
20.1
21.8
22.6
30.7
19.7
14.5
1.2
1.1
6.0
7.4
4.1
2.8
Telecom
Bharti Airtel
Neutral
343
-
137,051
101,748
109,191
32.1
31.7
12.0
12.5
28.6
27.4
2.0
1.8
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
109
-
39,318
34,282
36,941
32.0
31.5
5.9
6.2
18.5
17.6
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,667
-
9,917
2,715
3,153
14.5
14.1
134.3
152.2
34.8
30.7
8.7
7.2
27.4
25.6
3.4
2.8
Bajaj Electricals
Neutral
226
-
2,281
4,719
5,287
5.2
5.8
8.6
12.7
26.4
17.9
3.0
2.7
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
285
-
4,363
2,520
2,883
12.2
12.0
12.7
14.2
22.5
20.1
3.1
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Accumulate
502
582
1,157
1,800
1,600
11.7
11.5
58.7
52.9
8.5
9.5
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,344
-
3,654
1,779
2,081
7.8
8.8
21.8
33.4
61.6
40.2
10.0
8.1
17.4
22.1
2.2
1.8
Jyothy Laboratories
Neutral
308
-
5,577
1,620
1,847
11.5
11.5
7.3
8.5
42.2
36.4
5.5
5.1
13.3
14.4
3.3
2.8
Stock Watch
May 23, 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
32,026
45,575
13,583
20,316
14,488
21.4
21.1
5,488.0
3,798.0
5.8
8.4
2.0
1.6
41.1
21.2
0.6
0.8
Page Industries
Neutral
13,015
-
14,517
1,929
2,450
19.8
20.1
229.9
299.0
56.6
43.5
25.0
17.4
52.1
47.1
7.7
6.0
Relaxo Footwears
Neutral
480
-
5,757
1,767
2,152
12.3
12.5
19.3
25.1
24.9
19.1
6.1
4.7
27.7
27.8
3.4
2.7
Siyaram Silk Mills
Buy
1,059
1,354
992
1,636
1,815
11.5
11.5
89.9
104.1
11.8
10.2
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
616
-
1,083
1,271
1,440
8.6
9.2
32.0
41.1
19.2
15.0
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,342
2,932
1,793
2,035
2,252
15.9
15.3
248.6
268.1
9.4
8.7
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
308
-
2,223
2,123
2,384
16.1
16.5
15.0
18.9
20.5
16.3
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
248
-
3,592
2,403
2,554
8.6
9.9
9.2
10.5
27.0
23.7
2.6
2.5
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
461
546
557
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
127
-
911
1,208
1,353
11.0
12.3
10.8
14.5
11.8
8.8
1.4
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
145
-
89
1,040
1,137
3.2
3.1
25.7
28.0
5.6
5.2
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,209
-
1,804
1,871
2,031
10.7
10.5
63.2
69.8
19.1
17.3
3.1
2.7
17.6
16.6
1.1
0.9
Visaka Industries
Buy
134
162
213
1,020
1,120
8.7
9.1
13.9
20.1
9.7
6.7
0.6
0.6
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
275
-
2,093
2,830
3,350
8.8
9.0
14.4
18.3
19.2
15.0
3.0
2.6
15.4
17.1
0.9
0.7
India
Elecon Engineering
Neutral
61
-
662
1,359
1,482
10.3
13.7
0.8
3.9
75.7
15.6
1.2
1.2
1.6
7.8
0.8
0.8
Surya Roshni
Buy
149
201
655
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
178
-
707
286
366
18.3
17.7
7.7
9.4
23.0
19.0
4.8
4.2
20.2
21.1
2.4
1.8
Radico Khaitan
Buy
87
125
1,159
1,543
1,659
12.6
13.0
5.8
6.3
15.1
13.8
1.3
1.2
8.5
8.6
1.2
1.1
Garware Wall Ropes
Buy
335
473
733
862
974
11.2
11.2
24.9
29.6
13.5
11.3
2.0
1.7
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
398
-
2,250
206
308
44.0
43.6
9.0
12.9
44.2
30.9
6.0
5.5
13.7
17.8
10.6
7.0
Linc Pen & Plastics
Neutral
188
-
277
340
371
8.3
8.9
10.8
13.2
17.4
14.2
2.8
2.4
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
164
-
659
222
287
20.5
20.5
5.6
7.6
29.2
21.8
5.5
4.5
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
963
-
34,684
17,022
21,122
20.7
14.5
63.9
53.7
15.1
17.9
22.6
18.5
149.9
103.2
2.2
1.7
Coffee Day Enterprises
Neutral
262
-
5,407
2,692
2,964
17.0
18.6
-
4.7
-
55.4
3.2
3.0
0.2
5.5
2.4
2.3
Ltd
Navneet Education
Neutral
89
-
2,109
998
1,062
24.1
24.0
5.8
6.1
15.4
14.5
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
184
265
2,625
365
436
38.3
37.5
5.6
5.9
32.7
31.3
2.1
1.9
6.3
6.1
7.9
6.8
UFO Moviez
Neutral
508
-
1,402
558
619
32.0
33.2
22.5
30.0
22.6
17.0
2.7
2.3
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
399
-
3,641
1,725
1,902
16.5
16.7
12.2
14.6
32.8
27.4
6.8
6.0
20.8
21.9
2.2
2.0
Team Lease Serv.
Neutral
915
-
1,565
2,565
3,229
1.3
1.5
15.2
22.8
60.3
40.2
4.8
4.3
8.0
10.7
0.5
0.4
Stock Watch
May 23, 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
-
3,294
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
3.0
Quick Heal
Neutral
241
-
1,691
339
408
27.8
27.3
7.1
7.7
34.1
31.2
2.9
2.9
8.5
9.3
4.0
3.4
Narayana Hrudaya
Neutral
324
-
6,627
1,603
1,873
10.9
11.5
1.0
2.6
340.4
122.6
8.2
7.5
2.4
6.1
4.3
3.7
Manpasand Bever.
Neutral
505
-
2,530
540
836
19.9
19.6
10.2
16.9
49.3
29.9
4.0
3.6
8.1
12.0
4.3
2.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 20, 2016
Market Outlook
May 23, 2016
Research Team Tel: 022 - 39357800
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