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7/30/2019 Market Outlook 041212
1/13
Market OutlookDecember 4, 2012
www.angelbroking.com
Market OutlookDecember 4, 2012
Dealers Diary
The Indian market is expected to open in the red today tracing negative opening
trades in the SGX Nifty and major Asian indices.
The US markets moved mostly lower over the course of the trading day on Monday
after failing to sustain an early upward move. The initial strength on Wall Street
came on the heels of positive manufacturing data out of China, with the PMI rising
to 50.6 in November from 50.2 in October. The downturn in the markets was
partly due to disappointing report on manufacturing activity in the US; the PMI in
the US fell to 49.5 in November from 51.7 in October, with a reading below 50
indicating a contraction in manufacturing activity. Meanwhile, a separate report
from the Commerce Department showing a bigger than expected increase in US
construction spending in October helped to limit the downside for the markets. The
European markets ended higher on mixed global reports. Eurozone finance
ministers will meet again in Brussels today, to discuss details of the buyback ofGreek bonds held by investors at a discounted rate.
Meanwhile, Indian shares ended a lackluster session modestly lower on Monday,
as investors took some profits off the table following a four-day rally, awaiting the
outcome of a voting in Parliament this week on the FDI in multi-brand retail issue.
Markets Today
The trend deciding level for the day is 19,326 / 5,875 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,395 19,486 / 5,895 5,919 levels. However, if NIFTY trades below
19,326 / 5,875 levels for the first half-an-hour of trade then it may correct up to19,236 19,167 / 5,851 5,830 levels.
SENSEX 19,167 19,236 19,326 19,395 19,486NIFTY 5,830 5,851 5,875 5,895 5,919
News Analysis Vote on FDI in multi-brand retail in Lok Sabha Auto sales numbers November 2012 TVSL expects to finalize a partnership with BMW by end of FY2013
Refer detailed news analysis on the following page
Net Inflows (November 30, 2012)
FII 8,459 6,799 1,660 9,769 60,473
MFs 660 1,192 (532) (2,475) (11,796)
FII Derivatives (December 03, 2012)
Index Futures 728 979 (251) 10,987
Stock Futures 1,110 1,183 (73) 30,141
Gainers / Losers
Videocon Inds 239 12.2 Tata Comm 230 (3.7)
CRISIL 1,061 10.4 HDFC Bank 687 (2.4)
Pantaloon Retl 231 9.7 Gitanjali Gems 481 (2.3)
Adani Enter 259 8.2 Dish TV India 77 (2.3)
Jain Irrigation 72 5.9 IDFC 169 (2.1)
BSE Sensex (0.2) (34.6) 19,305
Nifty (0.2) (8.9) 5,871
MID CAP 1.2 83.5 6,985
SMALL CAP 0.9 62.5 7,338
BSE HC 0.2 15.3 7,962
BSE PSU 0.2 13.0 7,191
BANKEX (0.4) (56.5) 13,895
AUTO 0.2 20.1 10,835
METAL 0.8 82.7 10,438
OIL & GAS 0.5 39.0 8,291
BSE IT 0.0 2.6 5,891
Dow Jones (0.5) (60.0) 12,966NASDAQ (0.3) (8.0) 3,002
FTSE 0.1 4.4 5,871
Nikkei 0.1 12.2 9,458
Hang Seng (1.2) (262.5) 21,768
Straits Times (0.1) (4.2) 3,066
Shanghai Com (1.0) (20.4) 1,960
INFY (1.0) (0.4) $44.0
WIT (0.9) (0.1) $8.7IBN 0.4 0.1 $41.1
HDB (1.0) (0.4) $41.7
Advances 1,672 938
Declines 1,255 588
Unchanged 124 72
BSE 2,471
NSE 11,977
7/30/2019 Market Outlook 041212
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www.angelbroking.com
Market OutlookDecember 4, 2012
Vote on FDI in multi-brand retail in Lok Sabha
The crucial debate on FDI in multi-brand retail is expected to take place in the Lok
Sabha today. With pressure from the opposition parties mounting for debate on
FDI with a vote, the speaker last week allowed debate under Rule 184 in the Lok
Sabha. Subsequently, voting on the issue in the Rajya Sabha will take place underrule 168. Since the decision on permitting FDI in multi-brand retail up to 51% is an
executive decision, the vote on FDI is non-binding. However, the vote is key to
ending the logjam in parliament since it convened on November 22, 2012.
The government had earlier indicated that they are confident of their numbers in
case of a debate with vote. We believe that outside-supporters to the UPA
government BSP and SP are likely to refrain from the vote but they have so far
hesitated to take a clear stand. We believe that winning the vote would give a
further thrust to the governments reforms drive and encourage it to push through
difficult legislations.
Auto sales numbers November 2012
Ashok Leyland (AL) reported lower-than-expected volumes in November 2012 with
total volumes registering a decline of 6.4% yoy (7.8% mom) led by continued
weakness in the medium and heavy commercial vehicle (MHCV) segment. The CV
volumes (ex. Dost) posted a steep decline of 36.5% yoy (9.6% mom) during the
month. However, Dost sales sustained its momentum and registered sales of 2,883
units (down 4.9% mom). Going ahead, while we expect the MHCV sales to remain
weak due to slowdown in industrial activity; we expect the sales momentum in Dost
to continue with it getting introduced across India (currently available in seven
states). At `28, AL is trading at 9.7x FY2014E earnings.
BJAUT reported in-line volumes of 372,293 units (flat yoy and down 9.5% mom)
primarily due to sluggish sales in the motorcycle segment. The motorcycle sales
declined 1.6% yoy (9.5% mom) led by weakness in the domestic as well as export
markets. Of the total motorcycle volumes, Discover and Pulsar accounted for
~70% of the volumes and continues to be benefitted from the new launches,
Discover 125ST and Pulsar 200NS. Three-wheeler segment registered a healthy
growth of 7.2% yoy (down 9.4% mom) during the month. Export volumes
registered a decline of 4% yoy (1.6% mom) as volumes in Sri Lanka are yet to
recover completely. The management indicated that the retail sales outpaced the
wholesale sales in November (sales of ~300,000 units) which resulted in inventory
correction at the dealer end. The company is planning to launch a new 100cc
motorcycle in January 2013 and expects the volumes to benefit from the new
launch. At `1,927, BJAUT is trading at 15.7x FY2014E earnings.
7/30/2019 Market Outlook 041212
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www.angelbroking.com
Market OutlookDecember 4, 2012
TVSL expects to finalize a partnership with BMW by end of FY2013
The management of TVS Motor (TVSL) has re-iterated that the company is in talks
with BMW's motorcycle division, BMW Motorrad for a technology tie-up and
expects to finalize a partnership by end of FY2013. Earlier in July 2012, TVSL had
indicated that they are looking for technology collaboration with BMW Motorradwith an intention to widen its product portfolio and focus on the high-end
motorcycles segment. While the exact nature of the partnership is not yet disclosed,
reports indicate that the partnership will likely involve a technology sharing pact
and may also extend to joint marketing.
We see this as a positive development for the company as the technological
sharing pact will help TVSL acquire technological know-how to develop more
powerful motorcycles and extend its premium product portfolio, where it currently
has theApache (160cc and 180cc). While the development is certainly positive for
the company in the long run, it is unlikely to alter the current positioning of the
company in the domestic motorcycle industry in the near term as BMW currentlyoffers products in the greater than 600cc category which has a very limited
domestic market. At `40, the stock is trading at 7.2x FY2014E earnings.
Economic and Political News
November PMI accelerates to 5-month high at 53.7 Fitch warns on Indian economy, need for reform Raise I-T exemption limit, restore excise, service tax to 8% levels: Assocham FEMA amendments need to be passed by both houses, says BJPCorporate News
Jagran Prakashan to raise up to Rs 150 cr via securities Network18 to sell stake in Newswire18 for Rs 90 cr GMR gets stay on Maldives airport contract termination Airtel launches emergency alert serviceSource: Economic Times, Business Standard, Business Line, Financial Express, Mint
7/30/2019 Market Outlook 041212
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Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
December 5, 2012 2:25PM Germany PMI Services Value Nov F 48.00 48.00
December 6, 2012 7:00PM US Initial Jobless claims Thousands Dec 1 393.00 380.00
3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q P (0.10) (0.10)
5:30PM UK BOE Announces rates % Ratio Dec 6 0.50 0.50
6:15PM Euro Zone ECB announces interest rates % Dec 6 0.75 0.75
December 7, 2012 3:00PM UK Industrial Production (YoY) % Change Oct (2.60) (0.50)
7:00PM US Change in Nonfarm payrolls Thousands Nov 171.00 90.00
7:00PM US Unnemployment rate % Nov 7.90 7.90
December 9, 2012 7:00AM China Consumer Price Index (YoY) % Change Nov 1.70 2.10
11:00AM China Industrial Production (YoY) % Change Nov 9.60 9.80
December 10, 2012 5:29PM China Exports YoY% % Change Nov 11.60 9.00
December 12, 2012 11:00AM India Industrial Production YoY % Change Oct (0.40) --
3:00PM UK Jobless claims change % Change Nov 10.10 --
11:00PM US FOMC rate decision % Dec 12 0.25 --
December 13, 2012 7:00PM US Producer Price Index (mom) % Change Nov (0.20) (0.50)
December 14, 2012 12:00PM India Monthly Wholesale Prices YoY% % Change Nov 7.45 --
3:30PM Euro Zone Euro-Zone CPI (YoY) % Nov 2.50 --
7:00PM US Consumer price index (mom) % Change Nov 0.10 (0.20)
7:45PM US Industrial Production % Nov (0.43) 0.30
December 18, 2012 11:00AM India RBI Repo rate % Dec 18 8.00 --
11:00AM India RBI Cash Reserve ratio % Dec 18 4.25 --
3:00PM UK CPI (YoY) % Change Nov 2.70 --
India RBI Reverse Repo rate % Dec 18 7.00 --
December 19, 2012 7:00PM US Housing Starts Thousands Nov 894.00 --7:00PM US Building permits Thousands Nov 868.00 --
December 20, 2012 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec A (26.90) --
7:00PM US GDP Qoq (Annualised) % Change 3Q T 2.70 --
8:30PM US Existing home sales Millions Nov 4.79 --
Source: Bloomberg, Angel Research
December 04, 2012
Market Outlook
7/30/2019 Market Outlook 041212
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Market OutlookDecember 04, 2012
www.angelbroking.com
Macro watch
Exhibit 1 :Q uarterly G D P trends
Source: CSO, Ang el Research
Exhibit 2 :IIP trends
Source: M O SPI, Ang el Research
Exhibit 3 :M onthly WPI inflation trends
Source: M O SPI, Ang el Research
Exhibit 4 :M a nufacturing a nd services PM I
Source: Ma rket, Angel Research; N ote: Level above 50 indicates expansion
Exhibit 5 :Expo rts an d impo rts growth trends
Source: Bloomberg, Angel Research
Exhibit 6 :Key policy rates
Source: RBI, Angel Research
3. 5
5. 7
9. 0
7. 5
11.2
8. 5
7. 68 .2
9. 2
8. 0
6. 76. 1
5. 3 5. 5 5. 3
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
9. 0
10.0
11.0
12.0
4Q
FY09
1Q
FY10
2Q
FY10
3Q
FY10
4Q
FY10
1Q
FY11
2Q
FY11
3Q
FY11
4Q
FY11
1Q
FY12
2Q
FY12
3Q
FY12
4Q
FY12
1Q
FY13
2Q
FY13
(%)
(5.0)
6 .0
2 .7
1 .0
4 .3
(2.8) (1.3)
2 .5
(2.0)(0.2)
2 .3
(0.4)
(6.0)
(4.0)
(2.0)
-
2 .0
4 .0
6 .0
8 .0
O
ct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
M
ay-12
Jun-12
Jul-12
Aug-12
Sep-12
(%)
9. 5
7. 76. 9
7. 4 7. 7 7. 5 7. 6 7. 6 7. 58. 0 7. 8 7. 5
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
9. 0
10.0
Nov
-11
Dec
-11
Jan
-12
Fe
b-
12
M
ar
-12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
(%)
48.0
50.0
52.0
54.0
56.0
58.0
60.0
O
ct-11
Nov
-11
Dec
-11
Jan
-12
Fe
b-1
2
M
ar
-12
Apr
-12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
M fg. PM I Services PM I
(30.0)
(15.0)
0 .0
15.0
30.0
45.0
Nov
-11
Dec
-11
Jan
-12
Fe
b-1
2
M
ar-
12
Apr-
12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
Exp orts yoy g ro wth Im ports yo y growth( %)
8.00
7.00
4.25
4.00
5.00
6.00
7.00
8.00
9.00
Nov
-11
Dec
-11
Jan
-12
Fe
b-
12
M
ar-
12
Apr-
12
M
ay
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
O
ct-12
Nov
-12
Repo rate Reverse Repo rate C RR(%)
7/30/2019 Market Outlook 041212
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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Agri / Agri Chemical
Rallis Neutral 167 - 3,238 1,466 1,686 14.8 14.8 7.0 8.1 23.8 20.6 5.1 4.3 22.6 22.5 2.3 2.0
United Phosphorus Buy 125 170 5,783 8,421 9,263 16.5 16.5 15.0 17.0 8.4 7.4 1.2 1.1 15.6 15.5 0.8 0.7
Auto & Auto Ancillary
Amara Raja Batteries Neutral 253 - 4,320 2,911 3,321 16.2 16.2 17.3 19.8 14.6 12.8 4.0 3.1 31.1 27.6 1.4 1.2
Apollo Tyres Accumulate 84 96 4,234 13,713 15,341 11.2 11.2 12.5 14.8 6.7 5.7 1.2 1.0 20.2 19.9 0.5 0.4
Ashok Leyland Accumulate 28 31 7,383 14,490 16,606 9.5 9.6 2.2 2.9 12.5 9.7 2.3 2.0 13.6 16.1 0.6 0.5
Automotive Axle# Neutral 359 - 542 1,103 1,240 11.0 11.3 39.1 45.0 9.2 8.0 1.7 1.6 19.5 22.8 0.5 0.4Bajaj Auto Neutral 1,927 - 55,748 21,121 23,642 18.4 18.5 108.7 122.6 17.7 15.7 7.4 5.9 46.2 41.6 2.3 1.9
Bharat Forge Buy 267 324 6,205 6,754 7,565 15.5 15.7 18.8 23.2 14.2 11.5 2.5 2.1 18.5 19.7 1.1 0.9
Bosch India* Neutral 9,051 - 28,418 8,776 10,276 16.6 18.0 331.9 417.7 27.3 21.7 5.1 4.2 18.7 19.5 2.9 2.4
CEAT Buy 105 163 360 4,989 5,634 8.2 8.5 27.1 40.8 3.9 2.6 0.5 0.4 13.2 17.2 0.3 0.2
Exide Industries Accumulate 147 155 12,491 6,229 7,200 14.8 15.8 7.2 9.0 20.5 16.4 3.6 3.0 18.5 19.9 1.7 1.4
FAG Bearings* Neutral 1,698 - 2,821 1,489 1,750 16.5 17.5 103.3 126.9 16.4 13.4 3.2 2.6 21.3 21.6 1.7 1.4
Hero Motocorp Accumulate 1,821 1,956 36,357 24,743 27,996 14.8 15.2 118.2 130.4 15.4 14.0 6.6 5.2 48.3 41.9 1.2 1.0
JK Tyre Buy 115 165 471 7,517 8,329 6.6 6.6 37.2 41.3 3.1 2.8 0.5 0.5 18.8 17.8 0.3 0.3
Mahindra and Mahindra Neutral 956 - 58,678 40,035 46,272 11.5 11.6 54.7 62.8 17.5 15.2 3.9 3.3 24.3 23.4 1.2 1.0
Maruti Neutral 1,489 - 43,027 42,019 50,246 7.3 8.6 66.1 94.4 22.5 15.8 2.6 2.2 11.9 15.1 0.9 0.7
Motherson Sumi Neutral 173 - 10,191 24,285 27,317 6.7 7.2 8.1 10.6 21.5 16.4 4.5 3.7 22.9 24.7 0.6 0.5
Subros Accumulate 32 35 193 1,286 1,479 9.4 9.7 2.6 5.1 12.4 6.4 0.7 0.6 5.6 10.3 0.4 0.4
Tata Motors Buy 272 319 72,504 192,330 219,770 12.8 13.1 37.0 44.5 7.4 6.1 2.0 1.6 31.2 28.9 0.4 0.4
TVS Motor Accumulate 40 45 1,905 7,466 8,290 6.2 6.3 4.8 5.6 8.4 7.2 1.4 1.3 18.2 18.7 0.2 0.2
Capital Goods
ABB* Sell 718 573 15,218 7,796 9,907 4.8 7.8 9.2 22.0 78.1 32.6 5.7 5.0 7.5 16.4 1.9 1.5BGR Energy Neutral 274 - 1,980 3,605 4,542 11.8 10.7 25.1 27.9 10.9 9.8 1.6 1.4 31.1 27.1 1.0 0.9
BHEL Neutral 237 - 58,020 47,801 43,757 18.5 18.0 24.6 21.8 9.6 10.9 2.9 2.5 33.5 24.5 1.1 1.2
Blue Star Buy 198 242 1,782 2,763 2,948 3.1 5.6 2.6 8.6 75.3 23.2 4.4 3.8 5.9 17.6 0.8 0.7
Crompton Greaves Buy 115 145 7,400 12,370 14,277 5.2 7.3 4.0 7.8 28.8 14.8 2.0 1.8 6.9 12.6 0.6 0.6
Jyoti Structures Accumulate 48 53 396 2,794 3,048 10.6 10.6 9.2 11.7 5.2 4.1 0.6 0.5 10.9 12.5 0.4 0.4
KEC International Accumulate 65 73 1,675 6,858 7,431 7.1 7.5 8.3 9.8 7.9 6.7 1.3 1.1 25.1 24.0 0.4 0.4
LMW Neutral 2,094 - 2,359 2,369 2,727 11.7 11.7 143.4 166.0 14.6 12.6 2.4 2.2 17.4 18.4 0.5 0.4
Thermax Neutral 606 - 7,216 5,514 5,813 9.3 10.2 28.1 31.2 21.6 19.4 3.9 3.4 19.2 18.5 1.2 1.1
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Market Outlook
Stock Watch
December 04, 2012
7/30/2019 Market Outlook 041212
7/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Cement
ACC Neutral 1,434 - 26,927 11,085 12,415 21.6 21.4 79.4 83.1 18.1 17.3 3.5 3.2 20.1 19.2 2.1 1.8
Ambuja Cements Neutral 210 - 32,310 10,272 11,884 26.4 26.1 11.5 12.9 18.3 16.2 4.0 3.6 20.8 21.1 2.8 2.3
India Cements Neutral 89 - 2,737 4,293 4,666 17.7 18.1 8.6 10.8 10.4 8.3 0.8 0.7 7.5 9.0 1.0 0.9
J K Lakshmi Cements Neutral 138 - 1,687 2,082 2,423 22.9 23.1 20.8 22.5 6.6 6.1 1.2 1.0 18.4 17.4 0.9 1.2
Madras Cements Neutral 201 - 4,786 3,814 4,045 29.3 27.5 18.7 19.2 10.7 10.5 2.0 1.7 19.9 17.4 1.9 1.7
Shree Cements^ Neutral 4,329 - 15,081 5,701 6,210 29.7 28.1 240.7 260.7 18.0 16.6 4.4 3.6 27.1 23.6 2.1 1.7
UltraTech Cement Neutral 1,998 - 54,785 21,368 24,043 22.5 23.5 103.5 121.4 19.3 16.5 3.6 3.1 20.2 20.1 2.5 2.3Construction
Ashoka Buildcon Buy 200 304 1,052 2,034 2,315 22.4 22.4 27.1 31.7 7.4 6.3 0.9 0.8 13.1 13.4 1.8 2.0
Consolidated Co Neutral 13 - 235 2,262 2,522 6.7 7.5 1.5 2.7 8.5 4.8 0.4 0.4 4.4 7.5 0.4 0.4
IRB Infra Buy 136 164 4,518 3,843 4,212 43.1 43.6 16.8 17.8 8.1 7.6 1.4 1.2 18.3 17.0 3.3 3.6
ITNL Buy 195 225 3,792 6,564 7,054 27.2 27.4 26.3 29.0 7.4 6.7 1.2 1.0 14.0 11.8 2.7 2.7
IVRCL Infra Neutral 43 - 1,317 4,249 6,897 7.8 8.2 0.3 3.3 139.1 13.0 0.6 0.6 0.4 4.4 0.9 0.6
Jaiprakash Asso. Neutral 97 - 20,764 13,842 15,863 26.9 26.4 3.7 4.6 26.6 21.4 1.6 1.5 6.2 7.3 3.0 2.7
Larsen & Toubro Neutral 1,666 - 102,456 60,556 69,167 11.2 11.6 73.8 85.5 22.6 19.5 3.6 3.2 13.5 14.1 1.9 1.6
Nagarjuna Const. Reduce 49 44 1,261 5,947 6,569 8.5 8.6 3.1 4.1 15.8 12.0 0.5 0.5 3.3 4.2 0.6 0.6
Punj Lloyd Neutral 55 - 1,815 11,892 13,116 9.0 9.0 1.8 3.2 30.2 17.0 0.6 0.6 2.5 3.7 0.6 0.5
Sadbhav Engg. Buy 137 168 2,062 2,344 2,804 10.6 10.7 7.2 8.7 19.0 15.7 2.3 2.0 13.0 13.5 1.2 1.1
Simplex Infra Buy 180 251 891 6,882 8,032 9.1 9.1 23.2 31.3 7.8 5.7 0.7 0.6 9.1 11.2 0.5 0.4
Financials
Allahabad Bank Neutral 147 - 7,340 6,392 7,238 2.7 2.8 30.3 33.3 4.9 4.4 0.7 0.6 14.8 14.5 - -
Andhra Bank Neutral 112 - 6,242 4,731 5,431 2.9 3.0 21.5 21.8 5.2 5.1 0.8 0.8 15.2 13.8 - -
Axis Bank Accumulate 1,319 1,476 56,288 15,686 18,687 3.1 3.2 116.8 138.0 11.3 9.6 2.1 1.8 20.0 20.2 - -Bank of Baroda Accumulate 758 817 29,693 15,436 18,208 2.5 2.6 111.8 137.4 6.8 5.5 1.0 0.9 15.8 17.0 - -
Bank of India Neutral 281 - 16,100 12,491 14,883 2.2 2.4 43.8 63.7 6.4 4.4 0.8 0.7 12.1 15.8 - -
Bank of Maharashtra Neutral 56 - 3,319 3,563 3,876 3.1 3.1 9.7 12.0 5.8 4.7 0.8 0.7 14.6 16.1 - -
Canara Bank Neutral 463 - 20,495 10,699 12,213 2.1 2.2 67.3 80.1 6.9 5.8 1.0 0.9 13.7 14.6 - -
Central Bank Neutral 79 - 5,779 7,171 8,236 2.5 2.6 16.4 21.5 4.8 3.7 0.8 0.7 12.7 14.9 - -
Corporation Bank Accumulate 418 445 6,188 4,780 5,569 2.0 2.1 101.8 99.2 4.1 4.2 0.7 0.6 17.0 14.7 - -
Dena Bank Accumulate 113 123 3,963 3,087 3,453 2.7 2.8 25.9 24.1 4.4 4.7 0.8 0.7 19.4 15.6 - -
Federal Bank Neutral 483 - 8,265 2,617 2,968 3.3 3.2 45.9 51.7 10.5 9.4 1.3 1.2 13.1 13.3 - -
www.angelbroking.com
Market Outlook
Stock Watch
December 04, 2012
7/30/2019 Market Outlook 041212
8/13
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Financials
HDFC Neutral 836 - 128,788 7,336 8,802 3.5 3.5 31.5 37.8 26.5 22.1 5.3 4.7 34.8 32.1 - -
HDFC Bank Neutral 687 - 162,518 21,696 26,811 4.4 4.5 28.7 36.0 24.0 19.1 4.6 3.9 20.7 22.0 - -
ICICI Bank Buy 1,102 1,270 126,716 22,271 26,690 3.0 3.0 69.2 83.1 15.9 13.3 1.9 1.8 14.2 15.7 - -
IDBI Bank Neutral 109 - 13,890 7,684 9,264 1.8 2.1 15.6 22.0 7.0 5.0 0.8 0.7 10.9 13.9 - -
Indian Bank Accumulate 185 202 7,961 5,874 6,551 3.2 3.2 40.6 41.8 4.6 4.4 0.8 0.7 18.1 16.4 - -
IOB Neutral 81 - 6,444 7,050 8,313 2.3 2.5 12.3 19.9 6.6 4.1 0.6 0.5 8.8 13.1 - -
J & K Bank Neutral 1,374 - 6,659 2,762 2,885 3.6 3.6 226.7 193.0 6.1 7.1 1.4 1.2 24.4 17.7 - -LIC Housing Finance Accumulate 266 298 13,444 1,799 2,255 2.3 2.4 20.3 27.3 13.1 9.8 2.1 1.8 16.9 19.7 - -
Oriental Bank Neutral 333 - 9,719 6,277 7,090 2.6 2.7 60.5 65.1 5.5 5.1 0.8 0.7 15.0 14.4 - -
Punjab Natl.Bank Accumulate 783 843 26,541 19,652 22,601 3.2 3.3 135.0 164.3 5.8 4.8 1.0 0.8 16.3 17.3 - -
South Ind.Bank Neutral 26 - 3,454 1,556 1,750 2.8 2.7 3.5 3.9 7.4 6.7 1.2 1.1 19.1 16.9 - -
St Bk of India Accumulate 2,203 2,437 147,851 61,883 71,546 3.4 3.4 227.2 257.5 9.7 8.6 1.7 1.4 17.8 17.7 - -
Syndicate Bank Neutral 127 - 7,618 6,756 7,783 3.0 3.0 26.3 27.1 4.8 4.7 0.8 0.7 18.3 16.6 - -
UCO Bank Neutral 77 - 5,092 5,234 6,097 2.3 2.4 11.8 14.7 6.5 5.2 1.0 0.9 11.9 13.4 - -
Union Bank Accumulate 238 250 13,081 9,912 11,536 2.8 2.9 40.4 46.7 5.9 5.1 1.0 0.8 16.1 16.4 - -
United Bank Neutral 75 - 2,718 3,500 3,912 2.6 2.8 15.8 21.2 4.8 3.6 0.6 0.5 13.1 15.7 - -
Vijaya Bank Neutral 61 - 3,000 2,354 2,754 2.0 2.2 7.4 10.2 8.2 5.9 0.8 0.7 9.3 11.9 - -
Yes Bank Accumulate 448 492 15,962 3,270 4,240 2.8 3.0 34.5 42.2 13.0 10.6 2.8 2.3 23.5 23.5 - -
FMCG
Asian Paints Neutral 4,350 - 41,729 11,198 13,184 16.2 16.2 123.7 146.4 35.2 29.7 12.0 9.4 38.1 35.4 3.7 3.1
Britannia Buy 495 584 5,918 5,627 6,581 4.9 5.7 18.3 24.7 27.1 20.1 9.9 7.6 39.1 42.7 1.0 0.8
Colgate Neutral 1,463 - 19,893 3,146 3,573 20.6 21.4 36.4 42.5 40.2 34.4 37.2 31.1 102.0 98.5 6.1 5.4
Dabur India Neutral 129 - 22,484 6,124 7,101 17.0 16.8 4.5 5.2 28.9 24.7 11.9 9.4 43.2 41.5 3.7 3.1
GlaxoSmith Con* Neutral 3,721 - 15,650 3,124 3 ,663 17.1 17.6 1 04.5 1 23.8 35.6 30.1 11.1 8.9 34.4 32.8 4.7 3.9
Godrej Consumer Neutral 728 - 24,779 6,355 7,548 18.4 18.6 22.8 27.6 31.9 26.4 7.3 6.0 26.4 26.1 4.1 3.4
HUL Neutral 536 - 115,891 25,350 28,974 13.3 13.5 14.7 17.1 36.4 31.4 28.8 20.3 84.5 75.8 4.4 3.8
ITC Neutral 296 - 233,102 29,409 34,060 35.7 36.1 9.3 10.9 31.8 27.1 10.5 8.8 35.8 35.3 7.6 6.5
Marico Neutral 224 - 14,416 4,840 5,643 13.1 13.1 6.2 7.8 36.3 28.7 6.9 5.6 25.4 22.6 3.0 2.5
Nestle* Neutral 4,688 - 45,203 8,529 10,079 20.8 21.1 113.1 137.8 41.5 34.0 24.9 17.4 70.5 60.2 5.4 4.4
Tata Global Neutral 169 - 10,423 7,207 7,927 9.7 10.0 6.6 7.8 25.5 21.6 2.6 2.5 8.6 9.5 1.4 1.2
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December 04, 2012
7/30/2019 Market Outlook 041212
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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
IT
HCL Tech^ Neutral 647 - 44,957 24,214 26,772 19.5 18.1 44.0 48.0 14.7 13.5 3.5 2.9 24.0 22.0 1.8 1.6
Hexaware* Buy 109 135 3,220 1,944 2,159 21.8 21.1 11.4 12.2 9.6 8.9 2.5 2.1 26.4 24.1 1.4 1.2
Infosys Accumulate 2,436 2,573 139,883 39,174 41,580 29.5 30.4 159.2 171.6 15.3 14.2 3.7 3.3 24.1 23.1 3.0 2.8
Infotech Enterprises Accumulate 191 202 2,129 1,886 2,032 17.9 17.3 18.7 20.2 10.2 9.5 1.5 1.3 14.9 14.0 0.8 0.7
KPIT Cummins Neutral 126 - 2,261 2,195 2,317 15.5 15.0 10.7 12.1 11.8 10.5 2.5 2.0 21.0 19.8 1.0 0.9
Mahindra Satyam Accumulate 103 115 12,110 7,597 8,141 20.0 18.8 9.7 10.4 10.7 9.9 2.9 2.3 27.5 22.9 1.2 1.0
Mindtree Neutral 717 - 2,947 2,324 2,437 20.0 17.7 73.3 74.7 9.8 9.6 2.3 1.9 24.1 19.7 1.0 0.9Mphasis& Neutral 401 - 8,423 5,700 5,993 18.0 16.9 37.0 37.3 10.8 10.8 1.6 1.4 14.3 12.6 1.0 0.9
NIIT Accumulate 32 36 526 1,048 1,161 9.3 10.9 4.2 6.2 7.6 5.1 0.8 0.7 10.5 14.1 0.3 0.2
Persistent Neutral 500 - 2,001 1,261 1,352 26.4 24.7 48.2 54.0 10.4 9.3 2.0 1.7 19.0 17.9 1.3 1.1
TCS Accumulate 1,315 1,410 257,345 61,053 67,313 28.7 29.1 69.7 76.2 18.9 17.3 6.2 5.0 32.6 29.1 4.0 3.6
Tech Mahindra Buy 891 1,070 11,384 6,603 7,150 19.8 18.4 92.9 102.0 9.6 8.7 2.3 1.8 23.7 21.0 1.8 1.6
Wipro Accumulate 395 421 97,164 43,219 47,241 20.0 20.0 26.1 28.1 15.1 14.1 2.9 2.5 19.3 17.9 1.9 1.6
Media
D B Corp Buy 218 259 4,004 1,581 1,784 23.3 25.0 11.6 14.4 18.9 15.1 3.7 3.1 21.0 22.3 2.4 2.1
HT Media Neutral 109 - 2,566 2,111 2,272 15.0 15.2 7.4 8.3 14.8 13.2 1.6 1.4 11.3 11.4 0.9 0.7
Jagran Prakashan Accumulate 104 117 3,278 1,503 1,681 23.1 23.1 6.4 7.3 16.2 14.3 4.0 3.6 25.8 26.5 2.4 2.1
PVR Neutral 325 - 937 682 786 17.3 16.9 17.6 19.7 18.4 16.5 2.2 1.9 14.9 14.5 1.7 1.5
Sun TV Network Neutral 409 - 16,120 1,942 2,237 77.2 75.5 17.6 19.1 23.2 21.4 5.8 5.2 25.8 25.2 7.8 6.7
Metals & Mining
Bhushan Steel Neutral 467 - 9,907 11,307 14,287 29.5 29.1 45.1 51.0 10.3 9.1 1.2 1.1 12.2 12.2 2.9 2.3
Coal India Neutral 366 - 231,274 66,666 70,292 25.7 27.3 24.2 26.6 15.1 13.8 4.5 3.6 33.1 29.1 2.5 2.2
Electrosteel Castings Accumulate 25 29 879 1,984 2,074 10.6 11.6 0.8 2.0 30.4 12.5 0.5 0.2 1.7 4.1 0.6 0.6Hind. Zinc Neutral 142 - 59,915 12,446 13,538 52.3 52.9 15.0 16.4 9.5 8.7 1.9 1.6 21.4 19.7 2.9 2.3
Hindalco Neutral 118 - 22,515 79,148 89,258 9.4 9.0 15.0 15.6 7.9 7.6 0.7 0.6 8.8 8.4 0.7 0.6
JSW Steel Neutral 752 - 16,784 39,586 41,459 17.6 17.0 78.7 90.1 9.6 8.4 0.9 0.9 10.2 10.7 0.8 0.8
MOIL Accumulate 245 261 4,108 941 1,019 47.3 48.3 25.8 28.1 9.5 8.7 1.5 1.3 16.7 16.2 2.0 1.7
Monnet Ispat Buy 266 344 1,709 2,501 3,264 22.2 24.6 41.8 55.2 6.4 4.8 0.7 0.6 11.3 13.4 1.8 1.3
Nalco Reduce 49 44 12,551 6,898 7,841 9.9 14.7 2.0 3.2 24.6 15.3 1.1 1.0 4.3 6.8 1.4 1.2
NMDC Buy 165 198 65,398 11,209 12,525 78.4 78.3 18.5 20.6 8.9 8.0 2.2 1.8 27.0 24.6 3.9 3.3
SAIL Neutral 82 - 33,746 47,252 60,351 14.2 14.8 9.6 11.7 8.5 7.0 0.8 0.7 9.4 10.6 1.2 1.0
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December 04, 2012
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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Metals & Mining
Sesa Goa Neutral 182 - 15,857 4,551 6,640 32.8 34.4 33.7 39.3 5.4 4.7 0.9 0.8 18.3 18.3 4.1 2.8
Sterlite Inds Neutral 108 - 36,446 43,185 45,442 23.3 23.7 16.8 17.9 6.5 6.1 0.7 0.7 11.6 11.2 0.8 0.8
Tata Steel Buy 391 463 37,941 145,725 154,108 8.3 9.5 22.0 44.5 17.7 8.8 0.9 0.8 4.9 9.3 0.5 0.5
Sarda Accumulate 139 153 498 1,442 1,494 17.6 17.3 27.2 28.7 5.1 4.8 0.6 0.5 11.5 11.0 0.7 0.7
Prakash Industries Buy 47 73 631 2,694 2,906 14.6 16.6 16.4 20.8 2.9 2.3 0.3 0.3 11.4 12.8 0.5 0.3
Godawari Power andIspat
Buy 119 143 377 2,342 2,470 13.7 15.3 27.7 33.8 4.3 3.5 0.4 0.4 10.9 11.4 0.6 0.6
Oil & Gas
Cairn India Accumulate 332 382 63,483 17,567 17,643 76.2 72.3 61.1 56.8 5.4 5.9 1.1 1.0 22.0 17.5 2.8 2.4
GAIL Neutral 349 - 44,219 46,652 54,142 15.7 15.7 34.0 35.3 10.3 9.9 1.8 1.6 18.5 16.8 0.7 0.5
ONGC Buy 263 312 224,624 147,139 154,821 33.9 33.7 30.7 32.3 8.6 8.1 1.5 1.3 18.3 17.2 1.3 1.1
Reliance Industries Neutral 804 - 263,176 362,700 380,031 7.9 8.0 60.0 63.3 13.4 12.7 1.3 1.2 11.1 10.6 0.7 0.7
Gujarat Gas* Neutral 305 - 3,908 3,128 3,707 13.2 11.7 22.8 23.5 13.4 12.9 4.0 3.6 33.2 29.2 1.1 0.9
Indraprastha Gas Neutral 267 - 3,732 3,213 3,643 23.3 23.5 24.3 25.7 11.0 10.4 2.5 2.1 25.0 22.1 1.3 1.1
Petronet LNG Accumulate 163 183 12,214 30,077 33,570 6.6 6.3 15.1 15.3 10.8 10.7 2.7 2.3 28.4 23.1 0.4 0.4
Gujarat State PetronetLtd.
Neutral 75 - 4,246 1,079 1,034 91.8 91.9 8.8 8.4 8.6 9.0 1.4 1.3 17.9 15.0 3.7 3.7
Pharmaceuticals
Alembic Pharma Buy 66 91 1,250 1,624 1,855 14.2 15.6 6.6 9.1 10.1 7.3 2.5 1.9 27.9 29.9 0.9 0.8
Aurobindo Pharma Neutral 191 - 5,560 5,243 5,767 14.6 14.6 11.8 12.6 16.2 15.2 2.0 1.7 17.9 16.4 1.5 1.4
Aventis* Neutral 2,221 - 5,115 1,482 1,682 15.5 15.5 95.1 104.4 23.4 21.3 4.1 3.2 18.6 17.0 3.2 2.8
Cadila Healthcare Accumulate 844 926 17,270 6,148 7,386 18.6 19.6 32.7 44.8 25.8 18.8 5.7 4.5 23.7 26.6 3.2 2.6
Cipla Neutral 414 - 33,201 8,151 9,130 25.0 24.0 19.5 20.9 21.2 19.8 3.7 3.2 18.8 17.2 3.8 3.3
Dr Reddy's Neutral 1,832 - 31,094 10,696 11,662 20.7 21.0 83.7 92.9 21.9 19.7 4.5 3.8 22.4 20.8 3.2 2.8
Dishman Pharma Buy 120 145 965 1,280 1,536 20.2 20.2 10.4 14.5 11.5 8.2 1.0 0.9 8.7 11.0 1.4 1.2
GSK Pharma* Neutral 2,024 - 17,141 2,651 2,993 31.7 31.2 76.0 82.4 26.6 24.6 7.7 6.9 20.1 26.3 5.7 4.9
Indoco Remedies Buy 67 89 618 685 837 15.2 15.2 7.4 8.9 9.1 7.5 1.4 1.2 16.4 17.0 1.1 0.9
Ipca labs Neutral 463 - 5,834 2,850 3,474 21.0 21.0 29.9 37.3 15.5 12.4 3.7 2.9 26.7 26.4 2.2 1.8
Lupin Accumulate 586 652 26,197 8,426 10,082 19.7 20.0 26.3 31.3 22.3 18.7 5.2 4.2 26.0 24.7 3.2 2.7
Ranbaxy* Neutral 501 - 21,170 12,046 11,980 18.0 15.8 31.3 29.8 16.0 16.8 5.5 4.4 39.1 28.9 1.8 1.7
Sun Pharma Neutral 705 - 72,906 9,752 12,134 41.6 41.6 26.0 28.2 27.1 25.0 5.1 4.3 20.3 18.8 6.7 5.2
Power
CESC Neutral 316 - 3,949 5,218 5,644 24.2 23.8 44.6 47.6 7.1 6.6 0.7 0.7 11.0 10.6 1.5 1.5
GIPCL Accumulate 68 78 1,031 1,523 1,568 30.3 30.3 5.4 11.5 12.6 5.9 0.7 0.6 5.6 11.3 1.1 1.0
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December 04, 2012
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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Power
NTPC Neutral 161 - 132,463 74,111 85,789 22.7 23.1 12.1 13.7 13.3 11.7 1.6 1.5 12.6 13.2 2.4 2.2
Real Estate
Anant Raj Sell 101 78 2,982 657 875 52.0 56.1 8.4 12.7 12.0 8.0 0.7 0.7 6.3 8.9 5.8 4.4
DLF Neutral 211 - 35,781 9,878 12,033 44.7 46.1 9.6 13.4 22.0 15.7 1.4 1.3 6.4 8.7 6.1 5.0
HDIL Neutral 114 - 4,772 2,441 3,344 55.1 48.2 22.7 26.6 5.0 4.3 0.4 0.4 8.8 9.4 3.8 2.9
MLIFE Neutral 417 - 1,703 813 901 26.2 26.6 32.0 37.1 13.0 11.3 1.4 1.2 10.4 11.0 2.5 2.2
TelecomBharti Airtel Neutral 331 - 125,774 81,984 90,718 32.1 33.8 10.9 16.9 30.4 19.6 2.3 2.1 7.6 10.6 2.2 1.9
Idea Cellular Neutral 97 - 32,120 22,234 24,161 26.9 27.7 3.3 4.9 29.3 19.7 2.3 2.0 7.7 10.3 1.9 1.7
Rcom Neutral 72 - 14,758 21,090 22,308 31.8 29.9 3.0 3.8 23.5 18.8 0.4 0.4 1.7 2.1 2.4 2.1
zOthers
Abbott India Accumulate 1,453 1,590 3,087 1,629 1,886 11.8 13.3 60.8 79.5 23.9 18.3 4.9 4.1 22.0 24.4 1.7 1.4
Bajaj Electricals Accumulate 205 217 2,041 3,497 3,968 6.6 7.6 9.8 15.5 20.9 13.2 2.7 2.3 12.7 17.4 0.6 0.5
Cera Sanitaryware Reduce 434 411 549 427 528 15.7 14.6 30.0 34.0 14.5 12.8 3.2 2.6 24.6 22.5 1.4 1.2
Cravatex Buy 408 545 105 272 308 7.2 7.3 37.5 45.4 10.9 9.0 2.6 2.0 23.7 22.7 0.5 0.4
CRISIL Neutral 1,061 - 7,450 982 1,136 34.3 34.3 34.3 40.0 30.9 26.5 14.0 11.2 50.9 46.9 7.2 6.0
Finolex Cables Accumulate 55 61 840 2,304 2,552 9.9 9.1 8.2 10.1 6.7 5.5 0.9 0.8 13.7 14.7 0.3 0.3
Force Motors Accumulate 474 537 618 2,318 2,700 5.0 5.7 45.0 67.0 10.5 7.1 0.5 0.5 5.0 7.0 0.2 0.2
Goodyear India Accumulate 330 360 761 1,494 1,607 6.4 7.8 23.9 33.0 13.8 10.0 2.2 1.9 16.5 20.1 0.3 0.2
Greenply Industries Neutral 305 - 736 1,925 2,235 10.6 10.9 29.6 44.1 10.3 6.9 1.7 1.4 16.8 21.0 0.7 0.6
Hitachi Buy 125 146 287 873 989 4.4 6.5 6.4 12.2 19.7 10.3 1.6 1.4 8.3 14.4 0.4 0.3
Honeywell Automation* Buy 2,432 2,842 2,150 1,745 1,993 4.0 5.3 59.5 90.4 40.9 26.9 3.1 2.7 8.1 11.3 1.1 1.0
Styrolution ABS India* Accumulate 694 744 1,221 1,059 1,116 8.5 9.5 36.0 42.0 19.3 16.5 2.8 2.4 15.4 16.0 1.2 1.1ITD Cementation Neutral 249 - 287 1,323 1,455 12.4 12.4 23.2 27.7 10.7 9.0 0.7 0.7 6.8 7.6 0.7 0.6
Jyothy Laboratories Neutral 192 - 3,099 1,228 1,443 9.0 10.9 3.9 6.4 49.4 30.1 4.9 4.5 10.1 15.6 3.0 2.5
MCX Reduce 1,563 1,440 7,969 553 624 65.3 66.3 62.5 72.0 25.0 21.7 6.9 5.9 27.5 27.4 11.4 9.6
MRF Buy 10,899 12,884 4,622 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.5 7.6 1.6 1.4 21.3 19.4 0.5 0.5
Page Industries Neutral 3,532 - 3,939 836 1,023 20.2 20.6 105.6 133.4 33.5 26.5 17.0 12.0 59.3 53.2 4.8 3.9
Relaxo Footwears Buy 792 933 950 1,019 1,208 11.0 12.5 47.0 66.7 16.9 11.9 4.2 3.1 28.2 30.1 1.1 0.9
Sintex Industries Buy 64 79 1,915 4,751 5,189 16.3 16.6 13.6 15.8 4.7 4.1 0.6 0.5 12.9 13.2 0.8 0.6
Siyaram Silk Mills Buy 300 366 281 1,043 1,149 12.3 12.9 65.7 73.3 4.6 4.1 0.9 0.7 21.0 19.6 0.5 0.5
S. Kumars Nationwide Neutral 15 - 452 7,134 7,985 19.7 19.4 12.2 14.1 1.3 1.1 0.1 0.1 11.3 11.5 0.6 0.6
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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
zOthers
SpiceJet Neutral 43 - 2,102 5,720 6,599 5.3 6.8 3.6 5.4 12.0 8.1 17.4 5.5 - - 0.5 0.4
TAJ GVK Buy 73 108 456 300 319 35.8 36.2 7.9 9.1 9.2 8.0 1.2 1.1 13.9 14.4 1.8 1.6
Tata Sponge Iron Buy 309 384 476 750 803 18.6 18.4 65.4 69.1 4.7 4.5 0.7 0.6 16.5 15.3 0.2 0.2
TVS Srichakra Buy 267 335 204 1,476 1,643 7.0 8.2 32.6 55.9 8.2 4.8 1.3 1.1 16.8 24.8 0.4 0.3
United Spirits Neutral 2,000 - 26,156 10,289 11,421 12.8 12.8 26.0 45.3 76.9 44.2 3.5 3.3 5.8 7.6 2.9 2.6
Vesuvius India Neutral 355 - 721 560 611 16.1 17.0 24.7 28.8 14.4 12.4 2.1 1.9 15.8 16.2 1.2 1.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 03, 2012
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Market OutlookDecember 04, 2012