Market Outlook
April 26, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.6)
(159)
25,679
Indian markets are expected to open in the red tracking the SGX Nifty and weak
Nifty
(0.6)
(44)
7,855
Asian cues.
Mid Cap
(0.1)
(15)
11,004
US benchmarks ended marginally in the negative but well off the lows of the day as
Small Cap
(0.4)
(43)
11,036
cautiousness prevailed ahead of the FOMC meet. The fed is expected to keep
interest rates unchanged but investors will keep a close eye on Fed Chairs comments
Bankex
(0.1)
(27)
19,009
regarding the future outlook.
European markets declined following the release of weaker than expected German
Global Indices
Chg (%)
(Pts)
(Close)
business confidence data. Investors also remained cautious, ahead of the central
Dow Jones
(0.1)
(27)
17,977
bank meetings in the U.S, Japan.
Nasdaq
(0.2)
(10)
4,896
Indian markets closed negative on the back of weak global cues, currency weakness
FTSE
(0.8)
(50)
6,261
and selling pressure ahead of the F&O expiry on Thursday. Reliance Industries
Nikkei
(0.8)
(133)
17,439
tumbled 2.4% despite reporting its highest quarterly net profit in over eight years.
Hang Seng
(0.8)
(163)
21,304
News & Result Analysis
Shanghai Com
(0.4)
(13)
2,947
Result Review - Ultratech Cement
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,046
564
Declines
1,588
1,007
Key Domestic & Global Indicators
Unchanged
144
64
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Volumes (` Cr)
Top Picks
BSE
4,414
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
14,787
Amara Raja
Auto & Auto Ancillary
Buy
929
1,040
12.0
HCL Tech
IT
Buy
845
1,038
22.8
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing
Financials
Buy
457
592
29.5
FII
195
2,420
10,320
Bharat Electronics
Capital Goods
Buy
1,172
1,414
20.6
MFs
292
(306)
2,773
Navkar Corporation Others
Buy
187
265
41.8
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
M&Mfin
298
8.0
Previous
Consensus
Date
Region
Event Description
Amtekauto
42
6.6
Reading
Expectations
Apr 26 US
Consumer Confidence
96.2
95.9
Jklakshmi
364
4.4
Apr 27 US
FOMC Rate Decision
0.50
0.50
Ceatltd
1,149
4.1
Apr 27 UK
GDP (YoY)
2.10
2.00
Oberoirlty
279
3.5
Apr 28 US
Initial Jobless Claims (Thousands)
247
259
More Events on Pg5
Top Losers
Price (`)
Chg (%)
J&Kbank
69
(4.6)
Carerating
1,061
(4.4)
Mothersumi
262
(4.4)
Cairn
145
(4.1)
Persistent
718
(3.8)
As on April 25, 2016
Market Outlook
April 26, 2016
Strong Results by Ultratech Cement; PAT grows by 11%
Ultratech Cements delivered an impressive set of results for 4QFY2016. Volume
growth at 15% to 13.6 MT is ahead of our estimates. However, realization
dropped 9% yoy to `4,609/ ton, much higher than expected and hence revenue
growth stood at just 5% despite strong volume growth. EBITDA margin at 20%
have surprised and are better than our expectations. Higher EBITDA/Ton at Rs 945
and lower tax rate at 27% vs 33% yoy resulted in PAT growth of 11% at Rs 681 cr.
We believe the company has the potential to deliver 10% volume CAGR over
FY2016-18E.
The company has continuously been able to reduce energy cost, which stood at
`685/ ton in 4QFY2016 as against `824 in 3QFY2016 and `940 last year, which
helped in better EBITDA/per ton, despite a fall in the realizations. Lower energy
cost was due to lower coal/ pet coke prices and benefit of lower inventory cost. The
usage of Pet coke in the energy has gone up to 70% vs. 64% in the previous
quarters and this could have helped the lower energy cost / ton.
Though cement prices started picking up from March, 2016 the, the real impact of
the same will be visible in the coming quarters and we believe earnings could
improve further in FY2017. The management has guided for 7-8% kind of volume
growth in the coming year, which is decent enough and believe there is scope for
outperforming the volume growth if execution of key infra projects starts faster
than expected.
Huge budgetary allocation towards the rural economy and a good monsoon will
help sales volume picking up in FY2017. We continue to have a positive stand on
the company’s performance in the years to come, post 3QFY2016 results we had
and ACCUMULATE rating on the stock with a target price of `3,107, which has
been achieved. Looking at the strong expected performance of the company we
believe there is further scope for appreciation in the stock price. At the CMP of
`3,277 the stock is trading at 26x and 20x its FY2017E and FY2018E EPS,
respectively. We have an ACCUMULATE rating on the stock.
Economic and Political News
FDI in India reaches record $51 billion in 11 months of FY16: DIPP
FinMin approves 8.7% interest on EPF for 2015-16: Labour Ministry
Foreign exchange earnings through tourism stands at `40,000 crore
Corporate News
HDFC to raise `500 crore by issuing bonds to finance housing biz
BPCL gets green nod for `694 cr LPG project in West Bengal
Mahindra launches Scorpio Adventure at `13.07 lakh
Market Outlook
April 26, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Maruti Suzuki India Ltd - April 26, 2016
Particulars (cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
14,696
13,273
10.7
14,768
(0.5)
EBITDA
2,200
2,164
1.6
2,170
1.4
EBITDA margin (%)
15.0
16.3
14.7
Net profit
1,190
1,284
(7.3)
1,019
16.7
Axis Bank Ltd - April 26, 2016
Particulars (cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
PAT
2,341
2,181
7.3
2,175
7.6
Bharti Airtel Ltd Consol - April 27, 2016
Particulars (cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
24,734
23,016
7.5
24,066
2.8
EBITDA
8,671
8,112
6.9
8,445
2.7
EBITDA margin (%)
35.1
35.2
35.1
Net profit
1,087
1,255
(13.4)
1,117
(2.7)
Yes Bank Ltd - April 27, 2016
Particulars (cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
PAT
691
551
25.4
676
2.3
Exide Industries Ltd Consol - April 28, 2016
Particulars (cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
1,664
1,645
1.1
1,521
9.4
EBITDA
260
238
9.3
234
11.1
EBITDA margin (%)
15.6
14.5
15.4
Net profit
151
138
9.7
134
12.7
Ambuja Cement Ltd Consol - April 28, 2016
Particulars (cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
2,485
2,425
2.5
2,356
5.5
EBITDA
393
510
(23.0)
328
19.9
EBITDA margin (%)
15.8
21.0
13.9
Net profit
248
318
(21.9)
110
125.7
Dabur Ltd Consol - April 28, 2016
Particulars (cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
2,081
1,945
7.0
2,122
(1.9)
EBITDA
388
346
12.2
378
2.5
EBITDA margin (%)
18.6
17.8
17.8
Net profit
319
285
12.1
319
0.2
Market Outlook
April 26, 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
15,863
929
1,040
12.0
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
28,128
1,172
1,414
20.6
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
1,19,177
845
1,038
22.8
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,76,078
1,092
1,262
15.6
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
2,80,462
1,217
1,374
12.9
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
23,050
457
592
29.5
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
12,034
1,003
1,089
8.6
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
3,889
432
458
5.9
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
5,830
200
270
35.1
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
2,597
79
93
17.8
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
5,473
167
189
12.9
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,823
444
554
24.7
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,665
187
265
41.8
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,217
92
156
70.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,011
1,078
1,354
25.6
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
April 26, 2016
Key Upcoming Events
Result Calendar
Date
Company
Apr 26, 2016
Rallis, Maruti, Axis Bank, IDFC
Apr 27, 2016
Exide Industries, FAG Bearings, CEAT, Yes Bank, KPIT Cummins, Elecon Engineering, Alembic Pharma
Apr 28, 2016
Ambuja Cements, ACC, Dabur India, HCL Tech, Sesa Goa
Apr 29, 2016
United Phosphorus, ICICI Bank, Shriram Trans., Aventis, Interglobe Aviation
Apr 30, 2016
Federal Bank, L G Balakrishnan & Bros
May 2, 2016
HDFC
May 3, 2016
TVS Motor, Areva, Godrej Consumer, Adani Power
May 4, 2016
Hexaware, Vesuvius India
May 6, 2016
Siemens
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 26, 2016
7:30PM US
Consumer Confidence
S.A./ 1985=100
Apr
96.20
95.90
Apr 27, 2016 11:30PM US
FOMC rate decision
%
Apr 27
0.50
0.50
2:00PM UK
GDP (YoY)
% Change
1Q A
2.10
2.00
Apr 28, 2016
6:00PM US
Initial Jobless claims
Thousands
Apr 23
247.00
259.00
6:00PM US
GDP Qoq (Annualised)
% Change
1Q A
1.40
0.60
2:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Apr F
(9.30)
(9.30)
1:25PM Germany
Unemployment change (000's)
Thousands
Apr
--
--
Apr 29, 2016
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.30
0.40
May 1,, 2016 6:30AM China
PMI Manufacturing
Value
Apr
50.20
50.30
May 2,, 2016 1:25PM Germany
PMI Manufacturing
Value
Apr F
51.90
--
May 3,, 2016 2:00PM UK
PMI Manufacturing
Value
Apr
51.00
--
May 4,, 2016 1:25PM Germany
PMI Services
Value
Apr F
54.60
--
May 6,, 2016 6:00PM US
Change in Nonfarm payrolls
Thousands
Apr
215.00
200.00
6:00PM US
Unnemployment rate
%
Apr
5.00
5.00
May 8,, 2016
China
Exports YoY%
% Change
Apr
11.50
--
May 10, 2016 7:00AM China
Consumer Price Index (YoY)
% Change
Apr
2.30
--
India
Imports YoY%
% Change
Apr
(21.56)
--
India
Exports YoY%
% Change
Apr
(5.47)
--
Source: Bloomberg, Angel Research
Market Outlook
April 26, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
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
4.0
2.5
6.0
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
5.0
5.0
54.0
4.9
4.8
5.0
4.4
3.7
3.7
52.0
4.0
50.0
3.0
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)
7.00
(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
April 26, 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
2.0
2.1
1.4
2.0
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
2.0
1.3
1.5
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
April 26, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
51,862
3.4
39.5
(2.0)
Russia
Micex
1,955
4.9
14.0
17.8
India
Nifty
7,855
4.6
5.6
(8.7)
China
Shanghai Composite
2,947
(2.1)
1.1
(29.8)
South Africa
Top 40
46,583
(1.8)
11.8
(4.1)
Mexico
Mexbol
45,581
0.3
11.8
0.4
Indonesia
LQ45
846
0.2
10.1
(10.1)
Malaysia
KLCI
1,715
(0.1)
5.9
(7.1)
Thailand
SET 50
896
0.8
13.3
(12.6)
USA
Dow Jones
17,977
2.4
13.4
(0.4)
UK
FTSE
6,261
1.1
6.1
(10.9)
Japan
Nikkei
17,439
3.2
2.8
(12.2)
Germany
DAX
10,294
3.0
5.3
(12.9)
France
CAC
4,546
2.3
4.6
(10.8)
Source: Bloomberg, Angel Research
Stock Watch
April 26, 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
192
-
3,743
2,097
2,415
14.4
14.4
9.5
11.0
20.3
17.5
4.0
3.5
21.1
21.3
1.8
1.6
United Phosphorus
Neutral
524
-
22,478
12,500
14,375
18.3
18.3
29.8
35.9
17.6
14.6
3.3
2.7
20.0
20.3
1.9
1.6
Auto & Auto Ancillary
Ashok Leyland
Neutral
106
-
30,152
17,995
21,544
11.4
11.6
3.4
4.7
31.2
22.5
5.5
5.0
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,543
-
73,593
22,709
25,860
20.9
20.1
129.0
143.6
19.7
17.7
6.0
5.2
30.7
29.4
2.8
2.4
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
19,945
-
54,174
15,556
16,747
15.5
17.3
464.8
597.5
42.9
33.4
15.7
11.5
36.2
34.3
3.4
3.1
Gabriel India
Accumulate
91
101
1,310
1,415
1,544
8.7
9.0
4.6
5.4
19.8
16.9
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,967
-
59,255
28,244
30,532
15.5
15.9
156.7
168.5
18.9
17.6
7.6
6.4
39.9
36.4
1.9
1.8
Jamna Auto Industries Accumulate
141
160
1,124
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
469
-
736
1,254
1,394
11.6
11.8
35.9
41.7
13.1
11.3
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,327
-
82,410
38,416
42,904
13.7
13.9
54.8
63.4
24.2
20.9
3.7
3.3
15.4
15.8
1.8
1.6
Maruti
Neutral
3,734
-
112,806
57,865
68,104
16.4
16.7
176.3
225.5
21.2
16.6
4.1
3.5
19.4
21.2
1.7
1.4
Minda Industries
Neutral
1,001
-
1,588
2,523
2,890
8.7
9.0
55.0
65.4
18.2
15.3
3.5
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
262
313
34,636
39,343
45,100
8.8
9.1
10.1
12.5
25.9
21.0
8.2
6.4
35.3
34.4
1.0
0.8
Rane Brake Lining
Buy
380
465
301
454
511
11.5
12.0
25.2
31.0
15.1
12.3
2.3
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
32
-
432
594
741
12.7
13.7
1.7
3.2
19.0
10.1
2.0
1.7
10.4
16.9
1.2
1.0
Tata Motors
Neutral
411
-
118,765
259,686
273,957
13.0
13.4
25.9
29.5
15.9
13.9
2.1
1.8
8.0
9.0
0.6
0.6
TVS Motor
Neutral
323
-
15,350
11,263
13,122
6.9
8.5
9.2
15.0
35.1
21.5
8.0
6.4
22.7
29.6
1.3
1.1
Amara Raja Batteries
Accumulate
929
1,040
15,863
4,892
5,871
17.4
17.6
28.8
37.1
32.2
25.0
7.5
6.0
23.4
24.1
3.2
2.6
Exide Industries
Accumulate
144
162
12,232
6,950
7,784
14.4
14.8
6.6
7.3
21.8
19.7
2.8
2.5
12.6
12.8
1.5
1.3
Apollo Tyres
Accumulate
162
183
8,226
12,056
12,714
17.2
16.4
23.0
20.3
7.0
8.0
1.2
1.1
17.7
13.6
0.7
0.8
Ceat
Neutral
1,149
-
4,647
6,041
6,597
14.1
13.7
99.5
111.9
11.6
10.3
2.3
1.9
19.6
18.5
0.9
0.8
JK Tyres
Neutral
85
-
1,932
7,446
7,669
15.2
14.0
19.6
18.4
4.4
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,138
-
1,413
552
630
14.2
14.7
44.6
54.1
25.5
21.0
5.9
5.4
23.2
25.6
2.4
2.1
Subros
Neutral
91
-
544
1,293
1,527
11.8
11.9
4.2
6.7
21.6
13.5
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
175
-
460
283
329
17.0
17.2
13.0
15.4
13.5
11.4
3.0
2.5
21.8
21.6
1.3
1.1
Capital Goods
ACE
Neutral
39
-
384
660
839
4.7
8.2
1.0
3.9
38.9
10.0
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Buy
917
1,157
3,818
3,277
4,006
6.0
8.9
36.2
64.3
25.3
14.3
1.8
1.6
5.7
11.7
1.3
1.0
Bharat Electronics
Buy
1,172
1,414
28,128
7,737
8,634
16.8
17.2
54.0
61.5
21.7
19.1
3.1
2.8
39.3
45.6
2.7
2.3
Stock Watch
April 26, 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
9,695
5,363
5,963
8.0
9.1
11.0
13.8
26.6
21.2
4.1
3.6
16.2
17.9
1.8
1.6
BGR Energy
Neutral
109
-
784
3,615
3,181
9.5
9.4
16.7
12.4
6.5
8.8
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
126
-
30,779
33,722
35,272
10.8
11.7
10.5
14.2
12.0
8.9
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Accumulate
432
458
3,889
3,548
3,977
6.3
6.9
13.7
17.2
31.6
25.2
7.9
5.2
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
59
-
3,713
13,484
14,687
4.9
6.2
4.5
7.1
13.2
8.4
0.9
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
134
-
3,270
1,655
1,755
16.6
16.8
7.4
7.8
18.1
17.2
3.6
3.4
21.1
20.6
1.9
1.8
Inox Wind
Buy
271
458
6,013
4,980
5,943
17.0
17.5
26.6
31.6
10.2
8.6
3.0
2.2
35.0
30.0
1.4
1.1
KEC International
Neutral
127
-
3,256
8,791
9,716
6.1
6.8
5.4
8.2
23.5
15.5
2.4
2.2
10.0
14.0
0.6
0.5
Thermax
Neutral
771
-
9,183
6,413
7,525
7.4
8.5
30.5
39.3
25.3
19.6
3.9
3.4
15.0
17.0
1.4
1.2
VATech Wabag
Neutral
574
-
3,126
2,722
3,336
7.9
8.1
19.5
24.6
29.4
23.3
3.1
2.7
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,423
-
26,711
13,151
14,757
16.4
18.3
63.9
83.4
22.3
17.1
2.9
2.6
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
224
-
34,747
11,564
12,556
19.4
20.7
8.9
10.1
25.2
22.2
3.2
3.0
12.8
13.8
2.7
2.4
HeidelbergCement
Neutral
97
-
2,190
1,772
1,926
13.3
15.4
1.0
3.0
96.7
32.2
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
89
-
2,729
4,216
4,840
18.0
19.5
4.0
9.9
22.2
9.0
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
610
-
4,262
3,661
4,742
10.1
15.8
7.5
28.5
81.3
21.4
2.5
2.2
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
364
-
4,283
2,947
3,616
16.7
19.9
11.5
27.2
31.7
13.4
3.0
2.6
9.8
20.8
1.9
1.5
Mangalam Cements
Neutral
267
-
712
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
153
-
3,129
1,854
2,524
21.2
22.2
7.7
11.1
19.8
13.8
2.9
2.5
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
441
-
10,508
4,036
4,545
20.8
21.3
15.1
18.8
29.2
23.5
3.6
3.2
12.9
14.3
3.1
2.7
Shree Cement^
Neutral
12,625
-
43,981
7,150
8,742
26.7
28.6
228.0
345.5
55.4
36.5
8.2
6.8
15.7
20.3
5.9
4.8
UltraTech Cement
Neutral
3,278
-
89,948
24,669
29,265
18.2
20.6
82.0
120.0
40.0
27.3
4.3
3.8
11.3
14.7
3.7
3.1
Construction
ITNL
Buy
79
93
2,597
7,360
8,825
34.0
35.9
7.0
9.0
11.3
8.8
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
551
603
1,549
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
1,265
-
117,919
58,870
65,708
8.3
10.3
42.0
53.0
30.1
23.9
2.1
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
172
-
8,330
629
684
51.0
52.2
6.4
5.9
26.9
29.2
3.6
3.3
15.9
12.7
12.9
11.7
MBL Infrastructures
Buy
143
285
594
2,313
2,797
12.2
14.6
19.0
20.0
7.5
7.2
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
75
-
4,153
7,892
8,842
8.8
9.1
3.0
5.3
24.9
14.1
1.3
1.2
5.0
8.5
0.8
0.6
PNC Infratech
Accumulate
522
558
2,676
1,873
2,288
13.2
13.5
24.0
32.0
21.7
16.3
2.1
1.9
12.1
12.3
1.5
1.3
Simplex Infra
Neutral
270
-
1,338
5,955
6,829
10.3
10.5
16.0
31.0
16.9
8.7
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
April 26, 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
598
-
880
1,539
1,801
12.8
12.7
59.0
72.1
10.1
8.3
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
286
-
4,899
3,481
4,219
10.7
10.8
8.2
11.7
34.8
24.4
3.3
2.9
10.3
13.5
1.7
1.4
NBCC
Accumulate
1,003
1,089
12,034
5,816
7,382
6.9
7.7
29.6
39.8
33.9
25.2
6.1
4.8
24.1
26.7
1.8
1.4
MEP Infra
Neutral
43
-
704
1,956
1,876
28.1
30.5
1.3
3.0
33.3
14.4
7.0
4.7
21.2
32.8
1.8
1.8
SIPL
Neutral
103
-
3,644
675
1,042
62.4
64.7
-
-
3.9
4.4
-
-
17.1
11.5
Engineers India
Neutral
181
-
6,087
1,667
1,725
13.5
16.0
9.7
11.4
18.6
15.9
2.2
2.1
11.7
13.4
2.4
2.5
Financials
Allahabad Bank
Neutral
59
-
3,597
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
Accumulate
470
494
112,021
26,473
31,527
3.5
3.6
35.7
43.5
13.2
10.8
2.2
1.9
17.9
18.9
-
-
Bank of Baroda
Neutral
158
-
36,394
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
97
-
7,884
15,972
17,271
1.9
2.0
15.3
33.4
6.3
2.9
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
207
-
11,237
15,441
16,945
2.0
2.1
46.6
70.4
4.5
2.9
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
30
-
2,021
3,440
3,840
2.1
2.3
7.3
10.0
4.2
3.0
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
200
270
5,830
1,892
2,277
2.9
2.9
25.9
30.8
7.7
6.5
1.2
1.0
15.3
15.9
-
-
Federal Bank
Neutral
48
-
8,272
3,477
3,999
3.0
3.0
5.0
6.2
9.6
7.7
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,112
-
175,615
10,358
11,852
3.3
3.3
41.1
47.0
27.1
23.6
5.2
4.7
24.7
24.9
-
-
HDFC Bank
Buy
1,092
1,262
276,078
38,309
47,302
4.3
4.3
49.3
61.1
22.1
17.9
3.8
3.3
18.5
19.7
-
-
ICICI Bank
Neutral
253
-
147,178
34,279
39,262
3.3
3.3
21.0
24.4
12.1
10.4
2.0
1.7
14.4
14.7
-
-
IDBI Bank
Neutral
71
-
14,638
9,625
10,455
1.8
1.8
8.5
14.2
8.3
5.0
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
100
-
4,801
6,160
6,858
2.5
2.5
24.5
29.8
4.1
3.4
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
457
592
23,050
3,101
3,745
2.5
2.5
33.0
40.2
13.9
11.4
2.6
2.2
19.7
20.5
-
-
Oriental Bank
Neutral
96
-
3,079
7,643
8,373
2.4
2.4
37.2
45.4
2.6
2.1
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
89
-
17,505
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
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
197
-
153,160
79,958
86,061
2.6
2.6
13.4
20.7
14.7
9.5
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
130
-
8,968
12,646
14,129
2.3
2.4
31.0
39.1
4.2
3.3
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,975
3,536
3,827
1.9
1.9
5.5
6.7
5.8
4.8
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
879
-
36,944
7,190
9,011
3.2
3.3
58.2
69.7
15.1
12.6
2.7
2.3
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
863
-
82,755
16,553
19,160
16.0
16.2
17.7
21.5
48.8
40.1
13.0
11.7
29.4
31.2
4.8
4.2
Britannia
Neutral
2,816
-
33,784
8,481
9,795
14.0
14.1
65.5
78.3
43.0
36.0
20.4
16.7
38.3
41.2
3.9
3.3
Stock Watch
April 26, 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
843
-
22,919
4,836
5,490
19.5
19.7
48.5
53.2
17.4
15.8
12.7
11.1
99.8
97.5
4.6
4.1
Dabur India
Neutral
267
-
46,934
9,370
10,265
17.1
17.2
7.3
8.1
36.4
32.9
11.0
8.9
33.7
30.6
4.9
4.5
GlaxoSmith Con*
Neutral
6,010
-
25,274
4,919
5,742
17.2
17.4
168.3
191.2
35.7
31.4
10.1
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,365
-
46,481
10,168
12,886
16.1
16.1
32.1
38.4
42.5
35.6
8.7
8.0
19.7
21.0
4.7
3.7
HUL
Neutral
884
-
191,184
34,940
38,957
17.5
17.7
20.8
24.7
42.5
35.8
47.3
37.8
110.5
114.2
5.3
4.7
ITC
Accumulate
321
359
258,315
36,804
38,776
37.9
37.9
12.2
12.9
26.3
24.9
7.3
6.4
27.7
25.8
6.6
6.3
Marico
Neutral
254
-
32,803
6,551
7,766
15.7
16.0
10.4
12.5
24.5
20.3
7.1
5.9
33.2
32.4
4.9
4.2
Nestle*
Accumulate
5,889
6,646
56,782
11,291
12,847
22.2
22.3
158.9
184.6
37.1
31.9
19.4
17.4
55.0
57.3
4.9
4.2
Tata Global
Buy
121
144
7,649
8,635
9,072
9.8
9.9
6.5
7.6
18.7
16.0
1.9
1.8
6.8
7.4
0.8
0.8
Procter & Gamble
Buy
6,402
7,369
20,781
2,588
2,939
23.3
23.2
130.2
146.2
49.2
43.8
98.0
94.0
27.6
25.3
7.6
6.6
Hygiene
IT
HCL Tech^
Buy
845
1,038
119,177
42,038
47,503
21.2
21.5
51.5
57.7
16.4
14.6
3.6
2.7
21.5
18.8
2.4
2.0
Infosys
Accumulate
1,217
1,374
280,462
62,441
70,558
27.5
27.5
59.0
65.3
20.6
18.6
4.1
3.8
22.2
22.4
3.9
3.4
TCS
Buy
2,448
2,854
482,420
108,487
122,590
28.3
28.5
122.8
138.4
19.9
17.7
7.6
6.9
38.0
38.9
4.0
3.5
Tech Mahindra
Accumulate
472
530
45,664
26,524
29,177
16.2
17.0
28.8
33.6
16.4
14.0
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
552
680
136,482
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
333
356
6,126
2,241
2,495
27.8
27.9
21.8
25.6
15.3
13.0
4.0
3.5
26.7
28.5
2.7
2.4
HT Media
Neutral
88
-
2,042
2,495
2,603
11.2
11.2
7.3
8.6
12.0
10.2
1.0
0.9
7.4
8.1
0.3
0.3
Jagran Prakashan
Accumulate
167
189
5,473
2,170
2,355
27.2
26.2
8.9
9.9
18.8
16.9
4.0
3.5
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
356
-
14,027
2,779
3,196
70.2
70.5
22.8
27.3
15.6
13.0
3.9
3.5
26.7
28.3
4.8
4.2
Hindustan Media
Neutral
270
-
1,981
920
1,031
20.0
20.0
19.2
20.9
14.1
12.9
2.3
2.0
16.4
15.3
1.7
1.5
Ventures
Metals & Mining
Coal India
Buy
288
380
181,880
76,167
84,130
19.9
22.3
22.4
25.8
12.8
11.2
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
169
-
71,598
14,641
14,026
50.4
50.4
17.7
16.0
9.6
10.6
1.5
1.3
16.2
13.2
2.5
2.4
Hindalco
Neutral
98
-
20,299
104,356
111,186
8.7
9.5
6.7
11.1
14.6
8.9
0.5
0.5
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,346
-
32,527
42,308
45,147
16.4
20.7
(10.3)
49.5
27.2
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
99
-
39,052
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.5
1.1
1.0
12.5
13.0
4.5
3.5
SAIL
Neutral
45
-
18,709
45,915
53,954
7.2
10.5
1.5
4.4
30.1
10.4
0.4
0.4
2.3
4.1
1.1
0.9
Vedanta
Neutral
102
-
30,240
71,445
81,910
26.2
26.3
12.9
19.2
7.9
5.3
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
348
-
33,755
126,760
137,307
8.9
11.3
6.4
23.1
54.6
15.1
1.1
1.1
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
145
-
27,214
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
April 26, 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
361
-
45,754
64,856
70,933
9.1
9.6
24.0
28.9
15.1
12.5
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
212
-
181,505
154,564
167,321
36.8
37.4
28.6
32.5
7.4
6.5
0.9
0.9
12.7
13.5
1.4
1.3
Petronet LNG
Neutral
263
-
19,759
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
429
455
104,147
359,607
402,760
5.9
6.1
42.5
48.7
10.1
8.8
1.4
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
1,016
1,150
329,271
304,775
344,392
12.6
13.4
91.3
102.6
11.1
9.9
1.3
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
616
-
11,612
3,274
3,802
26.9
19.4
35.0
28.7
17.6
21.5
7.8
5.9
55.6
31.2
3.5
3.0
Aurobindo Pharma
Accumulate
765
856
44,780
14,923
17,162
22.0
23.0
35.7
42.8
21.4
17.9
6.3
4.7
34.0
30.2
3.4
2.9
Aventis*
Neutral
4,147
-
9,552
2,082
2,371
17.4
20.8
118.2
151.5
35.1
27.4
5.1
4.1
19.9
25.5
4.3
3.5
Cadila Healthcare
Accumulate
331
352
33,906
10,224
11,840
21.0
22.0
14.6
17.6
22.7
18.8
6.2
4.9
30.8
29.0
3.4
2.8
Cipla
Buy
526
605
42,250
13,979
16,447
20.2
18.6
25.7
27.5
20.5
19.1
3.3
2.9
17.6
16.1
3.0
2.5
Dr Reddy's
Buy
3,120
3,933
53,201
16,838
19,575
25.0
23.1
167.5
178.8
18.6
17.5
3.9
3.3
23.1
20.4
3.1
2.6
Dishman Pharma
Neutral
358
-
2,885
1,733
1,906
21.5
21.5
17.0
19.9
21.0
18.0
2.1
1.9
10.5
11.2
2.2
1.9
GSK Pharma*
Neutral
3,651
-
30,927
2,870
3,158
20.0
22.1
59.5
68.3
61.4
53.5
18.1
18.6
28.5
34.3
10.3
9.4
Indoco Remedies
Neutral
265
-
2,441
1,033
1,199
15.9
18.2
9.4
13.6
28.2
19.5
4.2
3.6
15.7
19.7
2.4
2.1
Ipca labs
Buy
497
900
6,271
3,363
3,909
12.9
18.6
13.4
28.0
37.1
17.8
2.7
2.3
7.4
14.0
2.2
1.9
Lupin
Neutral
1,542
-
69,471
13,092
16,561
25.0
27.0
50.4
68.3
30.6
22.6
6.3
5.0
22.8
24.7
5.0
3.9
Sun Pharma
Buy
809
950
194,687
28,163
32,610
25.8
30.7
17.4
26.9
46.5
30.1
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
70
-
18,811
35,923
37,402
22.6
22.8
4.1
5.2
17.2
13.5
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Neutral
140
-
115,519
87,271
99,297
23.5
23.5
11.8
13.3
11.9
10.5
1.3
1.3
11.5
12.2
2.4
2.1
Power Grid
Buy
144
170
75,073
20,702
23,361
86.7
86.4
12.1
13.2
11.9
10.9
1.8
1.6
15.6
15.1
8.6
8.0
Real Estate
MLIFE
Buy
444
554
1,823
697
1,011
14.9
19.3
13.8
20.1
32.2
22.1
1.2
1.2
3.8
5.3
3.9
2.7
Telecom
Bharti Airtel
Neutral
359
-
143,447
101,748
109,191
32.1
31.7
12.0
12.5
29.9
28.7
2.1
1.9
6.9
6.7
2.0
1.9
Idea Cellular
Neutral
118
-
42,576
34,282
36,941
32.0
31.5
5.9
6.2
20.0
19.1
1.8
1.7
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,683
-
9,952
2,715
3,153
14.5
14.1
134.3
152.2
34.9
30.8
8.7
7.2
27.4
25.6
3.4
2.9
Bajaj Electricals
Accumulate
221
237
2,230
4,719
5,287
5.2
5.8
8.6
12.7
25.8
17.5
2.9
2.6
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
281
-
4,299
2,520
2,883
12.2
12.0
12.7
14.2
22.2
19.8
3.0
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Accumulate
507
582
1,170
1,800
1,600
11.7
11.5
58.7
52.9
8.6
9.6
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,362
-
3,703
1,779
2,081
7.8
8.8
21.8
33.4
62.5
40.7
10.1
8.2
17.4
22.1
2.1
1.8
Jyothy Laboratories
Neutral
300
-
5,439
1,620
1,847
11.5
11.5
7.3
8.5
41.2
35.5
5.3
4.9
13.3
14.4
3.2
2.7
Stock Watch
April 26, 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
35,414
45,575
15,019
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.5
9.3
2.2
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
12,755
-
14,227
1,929
2,450
19.8
20.1
229.9
299.0
55.5
42.7
24.5
17.0
52.1
47.1
7.4
5.8
Relaxo Footwears
Neutral
494
-
5,927
1,767
2,152
12.3
12.5
19.3
25.1
25.7
19.7
6.3
4.8
27.7
27.8
3.4
2.8
Siyaram Silk Mills
Buy
1,078
1,354
1,011
1,636
1,815
11.5
11.5
89.9
104.1
12.0
10.4
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
615
-
1,081
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
2,395
3,217
1,834
2,035
2,252
15.9
15.3
248.6
268.1
9.6
8.9
4.2
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
301
-
2,178
2,123
2,384
16.1
16.5
15.0
18.9
20.0
16.0
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
231
-
3,336
2,403
2,554
8.6
9.9
9.2
10.5
25.1
22.0
2.4
2.3
9.7
10.7
1.0
0.9
Ltd
M M Forgings
Buy
474
614
573
511
615
21.7
21.6
43.1
55.8
11.0
8.5
2.0
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
135
-
963
1,208
1,353
11.0
12.3
10.8
14.5
12.5
9.3
1.4
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
163
-
100
1,040
1,137
3.2
3.1
25.7
28.0
6.3
5.8
1.0
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,272
-
1,898
1,871
2,031
10.7
10.5
63.2
69.8
20.1
18.2
3.3
2.8
17.6
16.6
1.1
0.9
Visaka Industries
Buy
114
144
181
1,086
1,197
9.9
10.3
21.5
28.8
5.3
4.0
0.5
0.5
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
268
-
2,038
2,830
3,350
8.8
9.0
14.4
18.3
18.7
14.6
2.9
2.5
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
64
-
693
1,359
1,482
10.3
13.7
0.8
3.9
79.3
16.4
1.3
1.3
1.6
7.8
0.9
0.8
Surya Roshni
Buy
151
201
662
2,992
3,223
8.1
8.4
14.7
18.3
10.3
8.2
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
173
-
688
286
366
18.3
17.7
7.7
9.4
22.4
18.4
4.7
4.1
20.2
21.1
2.3
1.8
Radico Khaitan
Buy
92
156
1,217
1,517
1,635
12.7
13.4
5.8
7.1
15.7
12.9
1.4
1.2
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
366
473
801
862
974
11.2
11.2
24.9
29.6
14.7
12.4
2.2
1.9
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
387
-
2,185
206
308
44.0
43.6
9.0
12.9
43.0
30.0
5.9
5.3
13.7
17.8
10.5
7.0
Linc Pen & Plastics
Neutral
188
-
278
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
157
-
631
222
287
20.5
20.5
5.6
7.6
27.9
20.8
5.3
4.3
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
1,015
-
36,576
17,022
21,122
20.7
14.5
63.9
53.7
15.9
18.9
23.8
19.5
149.9
103.2
2.2
1.7
Coffee Day Enterprises
Neutral
240
-
4,943
2,692
2,964
17.0
18.6
-
4.7
-
50.6
2.9
2.8
0.2
5.5
2.2
2.1
Ltd
Navneet Education
Neutral
89
-
2,114
998
1,062
24.1
24.0
5.8
6.1
15.4
14.6
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
187
265
2,665
365
436
38.3
37.5
5.6
5.9
33.2
31.8
2.1
2.0
6.3
6.1
8.1
7.0
UFO Moviez
Neutral
538
-
1,480
558
619
32.0
33.2
22.5
30.0
23.9
18.0
2.9
2.5
12.0
13.8
2.5
2.1
VRL Logistics
Neutral
401
-
3,654
1,725
1,902
16.5
16.7
12.2
14.6
32.9
27.5
6.8
6.0
20.8
21.9
2.3
2.0
Team Lease Serv.
Neutral
906
-
1,548
2,565
3,229
1.3
1.5
15.2
22.8
59.7
39.8
4.8
4.3
8.0
10.7
0.5
0.4
Stock Watch
April 26, 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
239
-
3,451
928
1,036
15.3
15.1
4.9
6.1
48.4
39.1
4.5
4.2
9.4
10.7
3.6
3.2
Quick Heal
Neutral
263
-
1,841
339
408
27.8
27.3
7.1
7.7
37.2
34.0
3.1
3.2
8.5
9.3
4.3
3.7
Narayana Hrudaya
Neutral
299
-
6,117
1,603
1,873
10.9
11.5
1.0
2.6
314.2
113.2
7.6
6.9
2.4
6.1
3.9
3.4
Manpasand Bever.
Neutral
537
-
2,686
540
836
19.9
19.6
10.2
16.9
52.4
31.8
4.2
3.8
8.1
12.0
4.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 25, 2016
Market Outlook
April 26, 2016
Research Team Tel: 022 - 39357800
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