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www.angelbroking.com
Market Outlook
May 3, 2016
Market Cues
Indian markets are expected to open on a flat to negative note tracking the SGX
Nifty.
US markets ended in positive after showing a lack of direction in the start of the day.
The strength was partly due to bargain hunting since traders picked up stocks at
lower levels following recent weakness. Traders are now looking forward to the
release of the closely watched monthly jobs report which could have a significant
impact on the outlook for whether the Federal Reserve will raise interest rates at its
next meeting in June.
The majority of the European markets ended with modest gains. Markets in Greece,
Ireland and the U.K. were closed for public holidays. Eurozone manufacturing
growth improved marginally in April. The factory Purchasing Managers' Index rose to
51.7 in April from 51.6 in March and also over the survey average of 51.4.
Indian shares fell on Monday, with mixed global cues, disappointing Q4 results and
sluggish manufacturing data. The benchmark BSE Sensex hit a three-week low
before covering some of its early loss to end the session down 170 points or 0.7 %.
ICICI Bank tumbled over 4 percent on reporting a 76 percent drop in quarterly net
profit, owing to a sharp rise in bad loans.
News & Result Analysis
Auto sales rebound in April
Result Review: HDFC
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Top Picks
Company Sector Rating CMP
(`)
Target
(`)
Upside
(%)
Amara Raja Auto & Auto Ancillary Accumulate 957 1,076 12.4
HCL Tech IT Buy 743 1,038 39.7
LIC Housing Financials Buy 460 592 28.5
Bharat Electronics Capital Goods Buy 1,187 1,414 19.1
Navkar Corporation Others Buy 186 265 42.6
More Top Picks on Pg4
Key Upcoming Events
Date Region Event Description
Previous
Reading
Consensus
Expectations
May 3 Germany PMI Manufacturing 51.90 51.90
May 6 US Change in Nonfarm payrolls (thousands) 215.00 200.00
May 8 China Exports YoY% 11.50 1.30
May 10 India Exports YoY% (5.47) --
6.(
More Events on Pg5
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex (0.7) (170) 25,437
Nifty (0.6) (44) 7,806
Mid Cap 1.1 121 11,164
Small Cap 0.4 43 11,064
Bankex (1.3) (256) 18,859
Global Indices Chg (%) (Pts) (Close)
Dow Jones 0.7 118 17,891
Nasdaq 0.9 42 4,818
FTSE (1.3) (81) 6,242
Nikkei (3.1) (519) 16,147
Hang Seng (1.5) (321) 21,067
Shanghai Com (0.2) (7) 2,938
Advances / Declines BSE NSE
Advances 1,263 763
Declines 1,347 813
Unchanged 132 74
Volumes (` Cr)
BSE 2,426
NSE 14,409
Net Inflows (` Cr) Net Mtd Ytd
FII (16) 3,890 11,790
MFs 19 (483) 2,596
Top Gainers Price (`) Chg (%)
Srtransfin 1,083 14.8
Upl 595 10.5
Raymond 456 8.4
Dabur 296 7.4
Cholafin 851 7.0
Top Losers Price (`) Chg (%)
Atul 1,723 (4.2)
Amtekauto 38 (4.1)
Icicibank 227 (4.1)
Pnb 84 (3.3)
Dcbbank 91 (3.2)
As on May 02, 2016
2
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Market Outlook
May 3, 2016
Result Review
Auto sales rebound in April
Sales of passenger vehicles — cars, vans and utility vehicles — surged over 12 per
cent in April, thanks to the popularity of newly-launched models and a low base
effect. The industry is estimated to have sold 237,149 units in April this year
(based on data available for the top 10 players).
Maruti Suzuki, Hyundai Motor and M&M reported double-digit growth in domestic
sales to dealers. Tata Motors reported a growth of eight per cent after months of
decline, thanks to the newly-launched Tiago. On the other hand, Honda and
Toyota continue to see double-digit decline in sales
HDFC (CMP: `1,092 / TP: ` / Upside:)
Extraordinary Income Drives HDFC's 4QFY16 PAT: HDFC Limited
4QFY2016 standalone net profit raised 46.0% YoY to `2,720cr. The higher
growth in the profit for 4QFY2016 was due to higher non-core income i.e.
profit on sale of investments was `1,520cr, as against `225cr for 4QFY2015.
Taking advantage of the extraordinary income the company has made an
exceptional provision to the tune of `450cr to further strengthen its balance
sheet. Provisions from regular operations went up to `95cr vs. `68cr in
3QFY16, however we don’t see much of concern due to this as overall asset
quality of the company continues to be strong.
Total Advances grew at 14% YoY whereas the growth in the total loan book,
after adding back the loans sold in the preceding 12 months is 24%. Gross
non-performing loans came at 0.70% of the loan portfolio. Net Interest
Margin for the year ended March 31, 2016 was 3.9%. At the CMP, HDFC’s
core business (after adjusting `487 per share towards the value of its
subsidiaries) trades at 3.3x FY2017E ABV. We maintain our NEUTRAL view on
the stock.
Economic and Political News
Mines and Minerals Bill clears Rajya Sabha test, but industry anxious about
implications
Government working on faster trains with facilities: Suresh Prabhu
Falling investment by telcos in capex hurt service quality: ICRA
Corporate News
Banks hit by bad loans to benefit as Rajya Sabha passes Mines and Minerals
Amendment Bill
SBI lowers lending rates by 5 bps to 9.15%
Satin Creditcare Network to raise $25 million next quarter
3
www.angelbroking.com
Market Outlook
May 3, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Godrej Consumer Products Ltd Consol - May 3, 2016
Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY15 q-o-q (%)
Net sales 2,243 2,083 7.7 2,354 (4.7)
EBITDA 445 387 15.1 458 (2.8)
EBITDA margin (%) 19.8 18.6 19.5
Net profit 310 266 16.7 324 (4.2)
Adani ports and special economic zone- May 3, 2016
Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY15 q-o-q (%)
Net sales 1,635 934 75.1 898 82.0
EBITDA 1,083 659 64.4 749 44.7
EBITDA margin (%) 66.3 70.6 83.4
Net profit 634 554 14.3 619 2.4
Jindal Steel and Power Ltd. - May 4, 2016
Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY15 q-o-q (%)
Net sales 5,070 4,481 13 4,366 (16)
EBITDA 950 1,048 (9) 579 (64)
EBITDA margin (%) 19 23 13
Net profit (408) (573) (29) (519) (22)
4
www.angelbroking.com
Market Outlook
May 3, 2016
Top Picks
Large Cap
Company Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%) Rationale
Amara Raja Batteries 16,354 957 1,076 12.4
To outpace battery industry growth due to better technological
products leading to market share gains in both the automotive
OEM and replacement segments.
Bharat Electronics 28,493 1,187 1,414 19.1
Uptick in defense capex by government when coupled with
BELs strong market positioning, indicate that good times are
ahead for BEL.
HCL Tech 1,04,798 743 1,038 39.7 The stock is trading at attractive valuations and is factoring all
the bad news.
HDFC Bank 2,82,639 1,118 1,262 12.9
Strong visibility for a robust 20% earnings trajectory, coupled
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Infosys 2,76,683 1,201 1,374 14.4 Back on the growth trend, expect a long term growth of 14%
to be a US$20bn in FY2020.
LIC Housing Finance 23,230 460 592 28.5
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
post a healthy loan book which is likely to reflect in a strong
earnings growth.
NBCC 11,836 986 1,089 10.4
Huge bid pipeline of re-development works at Delhi and other
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Company Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%) Rationale
Blue Star 3,773 419 481 14.7
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Dewan Housing 5,944 204 270 32.5
With a focus on the low and medium income (LMI) consumer
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
IL&FS Transport 2,503 76 93 22.2 Commencement of new projects, downtrend in the interest
rate cycle, to lead to stock re-rating
Jagran Prakashan 5,327 163 205 25.8
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
radio business (Radio City) would also boost the company's
revenue growth.
Mahindra Lifespace 1,765 430 554 28.8 Speedier execution and speedier sales, strong revenue visibilty
in short-to-long run, attractive valuations
Navkar Corporation 2,650 186 265 42.6 Massive capacity expansion along with rail advantage at ICD
as well CFS augurs well for the company
Radico Khaitan 1,175 88 156 76.6
Earnings boost on back of stable material prices and
favourable pricing environment. Valuation discount to peers
provides additional comfort
Siyaram Silk Mills 986 1,052 1,354 28.7
Strong brands and distribution network would boost growth
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Date Company
May 3, 2016 TVS Motor, Areva, Godrej Consumer, Adani Power
May 4, 2016 Mangalam Cement, Hexaware, Jindal Steel, Vesuvius India
May 5, 2016 Hero Motocorp
May 6, 2016 Siemens, Reliance Capital
May 9, 2016 HUL, MM Forging
May 10, 2016 Automotive Axle, Visaka Industries, Radico Khaitan
May 11, 2016 Apollo Tyres, Kotak Mah. Bank, South Ind.Bank, Asian Paints, Quick Heal
May 12, 2016 Nestle, ITD Cementation, Dr Reddy's, Glenmark Pharma.
May 13, 2016 Cadila Healthcare
May 14, 2016 Relaxo
Result Calendar
Source: Bloomberg, Angel Research
Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
May 3,, 2016 2:00PM UK PMI Manufacturing Value Apr 51.00 51.20
May 4,, 2016 6:00PM US Initial Jobless claims Thousands Apr 30 257.00 260.00
May 5,, 2016 1:25PM Germany PMI Services Value Apr F 54.60 54.60
May 6,, 2016 6:00PM US Change in Nonfarm payrolls Thousands Apr 215.00 200.00
India Imports YoY% % Change Apr (21.56) --
May 8,, 2016 6:00PM US Unnemployment rate % Apr 5.00 5.00
May 10, 2016 China Exports YoY% % Change Apr 11.50 1.30
India Exports YoY% % Change Apr (5.47) --
7:00AM China Consumer Price Index (YoY) % Change Apr 2.30 2.40
May 11, 2016 2:00PM UK Industrial Production (YoY) % Change Mar (0.50) --
May 12, 2016 5:30PM India Industrial Production YoY % Change Mar 2.00 --
4:30PM UK BOE Announces rates % Ratio May 12 0.50 0.50
May 13, 2016 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P 0.60 --
US Producer Price Index (mom) % Change Apr 0.20 --
11:30AM Germany GDP nsa (YoY) % Change 1Q P 2.10 --
Source: Bloomberg, Angel Research
May 03, 2016
Market Outlook
Key Upcoming Events
h
1
Market Outlook
May 3, 2016
www.angelbroking.com www.angelbroking.com
Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research
Exhibit 6: Key policy rates
Source: RBI, Angel Research
4.5
6.7
7.8
6.4
5.8
7.5
8.3
6.6 6.7
7.6 7.7
7.3
3.0
4.0
5.0
6.0
7.0
8.0
9.0
4Q
FY13
1Q
FY14
2Q
FY14
3Q
FY14
4Q
FY14
1Q
FY15
2Q
FY15
3Q
FY15
4Q
FY15
1Q
FY16
2Q
FY16
3Q
FY16
(%)
3.0 2.5
4.2 4.3
6.3
3.7
9.9
(3.4)
(1.2) (1.5)
2.0
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
12.0
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
(%)
4.9 5.0
5.4
3.7 3.7
4.4
5.0
5.4 5.6 5.7
5.3
4.8
-
1.0
2.0
3.0
4.0
5.0
6.0
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
(%)
44.0
46.0
48.0
50.0
52.0
54.0
56.0 Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Mfg. PMI Services PMI
(35.0)
(30.0)
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Exports yoy growth Imports yoy growth(%)
3.00
4.00
5.00
6.00
7.00
8.00
Jun-15
Jun-15
Jul-15
Aug-15
Aug-15
Sep-15
Oct-15
Oct-15
Nov-15
Dec-15
Dec-15
Jan-16
Feb-16
Feb-16
Mar-16
Apr-16
Repo rate Reverse Repo rate CRR (%)
h
2
Market Outlook
May 3, 2016
www.angelbroking.com www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research
(5.9)
(3.8)
5.3
6.7
0.6
5.0 4.5
2.8
2.1 1.9 2.1
1.3
0.7
(8.0)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
Brazil
Russia
India
China
South A
frica
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(%)
(3.8) (3.7)
7.3 6.9
1.3
4.8 5.0
2.8
2.2 2.4
1.5 1.1
0.5
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
Brazil
Russia
India
China
South A
frica
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(%)
14
.8
7.7
17
.7
11
.0
17
.5
16
.4
15
.7
14
.4
0.4
16
.0
12
.6
14
.1
12
.4
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(x)
h
3
Market Outlook
May 3, 2016
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country Name of index Closing price 1M 3M 1YR
Brazil Bovespa 53,562 4.5 39.6 (3.8)
Russia Micex 1,953 4.5 10.2 16.9
India Nifty 7,806 2.5 5.2 (6.0)
China Shanghai Composite 2,938 (1.4) 0.7 (33.0)
South Africa Top 40 46,471 1.4 9.0 (3.8)
Mexico Mexbol 45,708 (0.4) 8.5 1.0
Indonesia LQ45 827 (1.5) 3.5 (12.7)
Malaysia KLCI 1,673 (2.6) 2.5 (9.4)
Thailand SET 50 892 (1.7) 12.3 (14.3)
USA Dow Jones 17,891 1.2 8.7 (1.0)
UK FTSE 6,242 0.6 5.2 (9.9)
Japan Nikkei 16,147 (2.6) (2.9) (15.1)
Germany DAX 10,123 1.6 3.3 (10.8)
France CAC 4,443 1.3 0.6 (11.6)
Source: Bloomberg, Angel Research
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Agri / Agri Chemical
Rallis Neutral 196 - 3,817 1,612 1,911 13.3 13.3 7.4 9.5 26.5 20.7 4.3 3.8 16.7 18.4 2.4 2.0
United Phosphorus Neutral 595 - 25,487 12,500 14,375 18.3 18.3 29.8 35.9 20.0 16.6 3.7 3.1 20.0 20.3 2.1 1.8
Auto & Auto Ancillary
Ashok Leyland Neutral 106 - 30,095 17,995 21,544 11.4 11.6 3.4 4.7 31.1 22.5 5.5 5.0 17.7 22.2 1.6 1.3
Bajaj Auto Neutral 2,478 - 71,692 22,709 25,860 20.9 20.1 129.0 143.6 19.2 17.3 5.9 5.1 30.7 29.4 2.7 2.3
Bharat Forge Accumulate 807 875 18,783 7,351 8,318 19.9 19.7 31.2 36.5 25.9 22.1 4.6 3.9 19.3 19.2 2.7 2.3
Eicher Motors Neutral 19,854 - 53,927 15,556 16,747 15.5 17.3 464.8 597.5 42.7 33.2 15.6 11.5 36.2 34.3 3.4 3.1
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 2,908 - 58,063 28,244 30,532 15.5 15.9 156.7 168.5 18.6 17.3 7.4 6.3 39.9 36.4 1.9 1.7
Jamna Auto Industries Accumulate 142 160 1,134 1,281 1,473 11.2 11.5 7.6 9.2 18.7 15.4 4.7 3.9 25.4 25.2 0.9 0.8
L G Balakrishnan & Bros Neutral 461 - 724 1,254 1,394 11.6 11.8 35.9 41.7 12.9 11.1 1.7 1.5 13.5 13.8 0.7 0.6
Mahindra and Mahindra Neutral 1,336 - 82,962 38,416 42,904 13.7 13.9 54.8 63.4 24.4 21.1 3.8 3.3 15.4 15.8 1.8 1.6
Maruti Neutral 3,830 - 115,683 57,865 68,104 16.4 16.7 176.3 225.5 21.7 17.0 4.2 3.6 19.4 21.2 1.8 1.5
Minda Industries Neutral 1,006 - 1,596 2,523 2,890 8.7 9.0 55.0 65.4 18.3 15.4 3.5 2.9 19.3 18.7 0.7 0.6
Motherson Sumi Buy 260 313 34,405 39,343 45,100 8.8 9.1 10.1 12.5 25.8 20.8 8.2 6.4 35.3 34.4 1.0 0.8
Rane Brake Lining Buy 374 465 296 454 511 11.5 12.0 25.2 31.0 14.9 12.1 2.2 2.0 14.9 16.6 0.8 0.7
Setco Automotive Neutral 32 - 423 594 741 12.7 13.7 1.7 3.2 18.6 9.9 2.0 1.7 10.4 16.9 1.2 1.0
Tata Motors Neutral 407 - 117,596 259,686 273,957 13.0 13.4 25.9 29.5 15.7 13.8 2.1 1.8 8.0 9.0 0.6 0.6
TVS Motor Neutral 319 - 15,141 11,263 13,122 6.9 8.5 9.2 15.0 34.6 21.3 7.9 6.3 22.7 29.6 1.3 1.1
Amara Raja Batteries Accumulate 957 1,076 16,354 4,892 5,871 17.4 17.6 28.8 37.1 33.2 25.8 7.8 6.2 23.4 24.1 3.3 2.7
Exide Industries Accumulate 144 162 12,206 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 8,254 12,056 12,714 17.2 16.4 23.0 20.3 7.1 8.0 1.3 1.1 17.7 13.6 0.7 0.8
Ceat Neutral 1,094 - 4,423 6,041 6,597 14.1 13.7 99.5 111.9 11.0 9.8 2.2 1.8 19.6 18.5 0.9 0.8
JK Tyres Neutral 84 - 1,898 7,446 7,669 15.2 14.0 19.6 18.4 4.3 4.6 1.1 0.9 25.2 19.5 0.7 0.6
Swaraj Engines Neutral 1,140 - 1,415 552 630 14.2 14.7 44.6 54.1 25.6 21.1 5.9 5.4 23.2 25.6 2.4 2.1
Subros Neutral 90 - 538 1,293 1,527 11.8 11.9 4.2 6.7 21.3 13.4 1.6 1.5 7.7 11.5 0.7 0.6
Indag Rubber Neutral 176 - 463 283 329 17.0 17.2 13.0 15.4 13.6 11.4 3.0 2.5 21.8 21.6 1.4 1.1
Capital Goods
ACE Neutral 41 - 403 660 839 4.7 8.2 1.0 3.9 40.7 10.4 1.3 1.1 3.2 11.3 0.8 0.6
BEML Buy 918 1,157 3,824 3,277 4,006 6.0 8.9 36.2 64.3 25.4 14.3 1.8 1.6 5.7 11.7 1.3 1.0
Bharat Electronics Buy 1,187 1,414 28,493 7,737 8,634 16.8 17.2 54.0 61.5 22.0 19.3 3.1 2.8 39.3 45.6 2.8 2.4
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May 03, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Capital Goods
Voltas Buy 297 353 9,812 5,363 5,963 8.0 9.1 11.0 13.8 27.0 21.5 4.1 3.6 16.2 17.9 1.8 1.6
BGR Energy Neutral 106 - 763 3,615 3,181 9.5 9.4 16.7 12.4 6.3 8.5 0.6 0.6 10.0 7.0 0.6 0.8
BHEL Neutral 128 - 31,280 33,722 35,272 10.8 11.7 10.5 14.2 12.2 9.0 0.9 0.9 7.0 9.0 1.0 1.0
Blue Star Accumulate 419 481 3,773 3,548 3,977 6.3 6.9 13.7 17.2 30.6 24.4 7.7 5.0 26.1 25.4 1.2 1.0
Crompton Greaves Neutral 57 - 3,576 13,484 14,687 4.9 6.2 4.5 7.1 12.7 8.0 0.9 0.8 7.2 10.8 0.4 0.4
Greaves Cotton Neutral 133 - 3,237 1,655 1,755 16.6 16.8 7.4 7.8 17.9 17.0 3.6 3.4 21.1 20.6 1.9 1.8
Inox Wind Buy 289 458 6,406 4,980 5,943 17.0 17.5 26.6 31.6 10.9 9.1 3.2 2.4 35.0 30.0 1.4 1.2
KEC International Neutral 132 - 3,403 8,791 9,716 6.1 6.8 5.4 8.2 24.5 16.1 2.5 2.2 10.0 14.0 0.6 0.6
Thermax Neutral 762 - 9,084 6,413 7,525 7.4 8.5 30.5 39.3 25.0 19.4 3.9 3.3 15.0 17.0 1.4 1.1
VATech Wabag Neutral 589 - 3,212 2,722 3,336 7.9 8.1 19.5 24.6 30.2 24.0 3.2 2.8 11.1 12.4 1.3 1.0
Cement
ACC Neutral 1,420 - 26,663 13,151 14,757 16.4 18.3 63.9 83.4 22.2 17.0 2.9 2.6 13.3 16.1 1.9 1.6
Ambuja Cements Neutral 224 - 34,693 11,564 12,556 19.4 20.7 8.9 10.1 25.1 22.1 3.1 3.0 12.8 13.8 2.6 2.4
HeidelbergCement Neutral 96 - 2,171 1,772 1,926 13.3 15.4 1.0 3.0 95.8 31.9 2.4 2.2 2.6 7.9 1.8 1.6
India Cements Neutral 92 - 2,826 4,216 4,840 18.0 19.5 4.0 9.9 23.0 9.3 0.9 0.9 4.0 9.5 1.0 0.8
JK Cement Neutral 583 - 4,074 3,661 4,742 10.1 15.8 7.5 28.5 77.7 20.4 2.3 2.1 7.5 22.9 1.6 1.2
J K Lakshmi Cement Neutral 351 - 4,126 2,947 3,616 16.7 19.9 11.5 27.2 30.5 12.9 2.9 2.5 9.8 20.8 1.8 1.4
Mangalam Cements Neutral 263 - 702 1,053 1,347 10.5 13.3 8.4 26.0 31.3 10.1 1.3 1.2 4.3 12.5 1.0 0.8
Orient Cement Neutral 148 - 3,040 1,854 2,524 21.2 22.2 7.7 11.1 19.3 13.4 2.8 2.4 13.3 15.7 2.4 1.7
Ramco Cements Neutral 454 - 10,810 4,036 4,545 20.8 21.3 15.1 18.8 30.1 24.2 3.7 3.3 12.9 14.3 3.2 2.8
Shree Cement^ Neutral 12,594 - 43,872 7,150 8,742 26.7 28.6 228.0 345.5 55.2 36.5 8.1 6.8 15.7 20.3 5.9 4.7
UltraTech Cement Neutral 3,177 - 87,198 24,669 29,265 18.2 20.6 82.0 120.0 38.8 26.5 4.2 3.7 11.3 14.7 3.6 3.1
Construction
ITNL Buy 76 93 2,503 7,360 8,825 34.0 35.9 7.0 9.0 10.9 8.5 0.4 0.4 3.2 3.7 3.7 3.6
KNR Constructions Accumulate 540 603 1,519 937 1,470 14.3 14.0 44.2 38.6 12.2 14.0 2.4 2.1 15.4 15.4 1.7 1.1
Larsen & Toubro Neutral 1,248 - 116,302 58,870 65,708 8.3 10.3 42.0 53.0 29.7 23.6 2.1 1.9 8.8 11.2 2.2 2.0
Gujarat Pipavav Port Neutral 169 - 8,146 629 684 51.0 52.2 6.4 5.9 26.3 28.6 3.5 3.2 15.9 12.7 12.6 11.4
MBL Infrastructures Buy 143 285 592 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 80 - 4,461 7,892 8,842 8.8 9.1 3.0 5.3 26.8 15.1 1.3 1.2 5.0 8.5 0.8 0.7
PNC Infratech Accumulate 521 558 2,672 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 263 - 1,301 5,955 6,829 10.3 10.5 16.0 31.0 16.4 8.5 0.9 0.8 5.3 9.9 0.7 0.6
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May 03, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Construction
Power Mech Projects Neutral 589 - 866 1,539 1,801 12.8 12.7 59.0 72.1 10.0 8.2 1.5 1.3 18.6 16.8 0.6 0.5
Sadbhav Engineering Accumulate 260 289 4,463 3,481 4,219 10.7 10.8 8.2 11.7 31.7 22.2 3.0 2.7 10.3 13.5 1.6 1.3
NBCC Accumulate 986 1,089 11,836 5,816 7,382 6.9 7.7 29.6 39.8 33.3 24.8 6.0 4.7 24.1 26.7 1.8 1.4
MEP Infra Neutral 42 - 682 1,956 1,876 28.1 30.5 1.3 3.0 32.3 14.0 6.8 4.6 21.2 32.8 1.8 1.7
SIPL Neutral 101 - 3,561 675 1,042 62.4 64.7 - - 3.8 4.3 - - 16.9 11.4
Engineers India Neutral 179 - 6,045 1,667 1,725 13.5 16.0 9.7 11.4 18.5 15.7 2.2 2.1 11.7 13.4 2.4 2.4
Financials
Allahabad Bank Neutral 57 - 3,489 8,569 9,392 2.8 2.9 16.3 27.5 3.5 2.1 0.3 0.3 7.6 11.9 - -
Axis Bank Neutral 472 - 112,474 26,473 31,527 3.5 3.6 35.7 43.5 13.2 10.9 2.2 1.9 17.9 18.9 - -
Bank of Baroda Neutral 155 - 35,818 18,485 21,025 1.9 2.0 13.5 21.1 11.6 7.4 0.9 0.8 7.3 10.6 - -
Bank of India Neutral 90 - 7,365 15,972 17,271 1.9 2.0 15.3 33.4 5.9 2.7 0.3 0.2 3.6 7.6 - -
Canara Bank Neutral 201 - 10,928 15,441 16,945 2.0 2.1 46.6 70.4 4.3 2.9 0.4 0.3 8.0 11.2 - -
Dena Bank Neutral 30 - 1,967 3,440 3,840 2.1 2.3 7.3 10.0 4.1 2.9 0.3 0.3 6.1 7.9 - -
Dewan Housing Finance Buy 204 270 5,944 1,892 2,277 2.9 2.9 25.9 30.8 7.9 6.6 1.2 1.1 15.3 15.9 - -
Federal Bank Neutral 47 - 7,997 3,477 3,999 3.0 3.0 5.0 6.2 9.3 7.5 0.9 0.9 10.6 11.9 - -
HDFC Neutral 1,093 - 172,637 10,358 11,852 3.3 3.3 41.1 47.0 26.6 23.2 5.1 4.6 24.7 24.9 - -
HDFC Bank Accumulate 1,118 1,262 282,639 38,309 47,302 4.3 4.3 49.3 61.1 22.7 18.3 3.9 3.4 18.5 19.7 - -
ICICI Bank Accumulate 227 254 131,972 34,279 39,262 3.3 3.3 21.0 24.4 10.8 9.3 1.8 1.5 14.4 14.7 - -
IDBI Bank Neutral 69 - 14,134 9,625 10,455 1.8 1.8 8.5 14.2 8.1 4.8 0.5 0.5 5.9 9.3 - -
Indian Bank Neutral 97 - 4,654 6,160 6,858 2.5 2.5 24.5 29.8 4.0 3.3 0.3 0.3 7.7 8.6 - -
LIC Housing Finance Buy 460 592 23,230 3,101 3,745 2.5 2.5 33.0 40.2 14.0 11.5 2.6 2.2 19.7 20.5 - -
Oriental Bank Neutral 89 - 2,872 7,643 8,373 2.4 2.4 37.2 45.4 2.4 2.0 0.2 0.2 8.2 9.4 - -
Punjab Natl.Bank Neutral 84 - 16,543 23,638 26,557 2.8 2.8 17.9 27.2 4.7 3.1 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 186 - 144,698 79,958 86,061 2.6 2.6 13.4 20.7 13.9 9.0 1.1 1.1 11.5 12.8 - -
Union Bank Neutral 126 - 8,672 12,646 14,129 2.3 2.4 31.0 39.1 4.1 3.2 0.4 0.4 9.8 11.4 - -
Vijaya Bank Neutral 32 - 2,947 3,536 3,827 1.9 1.9 5.5 6.7 5.7 4.8 0.5 0.4 7.8 8.8 - -
Yes Bank Neutral 945 - 39,772 7,190 9,011 3.2 3.3 58.2 69.7 16.2 13.6 2.9 2.5 19.2 19.6 - -
FMCG
Asian Paints Neutral 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 2,859 - 34,306 8,481 9,795 14.0 14.1 65.5 78.3 43.7 36.5 20.7 17.0 38.3 41.2 4.0 3.4
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May 03, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
FMCG
Colgate Neutral 850 - 23,107 4,136 4,632 22.5 23.3 22.2 25.3 38.3 33.6 23.3 20.7 68.6 67.5 5.5 4.9
Dabur India Neutral 296 - 52,044 9,370 10,265 17.6 17.3 7.3 8.1 40.3 36.5 10.5 9.6 31.7 30.6 5.4 4.9
GlaxoSmith Con* Accumulate 5,793 6,118 24,363 4,519 5,142 19.6 19.8 164.3 191.2 35.3 30.3 9.8 8.3 30.8 29.9 4.8 4.2
Godrej Consumer Neutral 1,370 - 46,660 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 4.7
HUL Neutral 864 - 187,040 33,299 35,497 17.1 17.1 18.9 20.0 45.7 43.2 23.2 26.6 87.6 80.8 5.4 5.1
ITC Accumulate 321 359 258,235 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 267 - 34,460 6,151 6,966 17.2 17.3 5.4 6.4 49.5 41.7 15.5 12.3 33.2 32.4 5.5 4.8
Nestle* Neutral 5,744 - 55,380 9,393 10,507 22.2 22.3 106.8 121.8 53.8 47.2 18.9 17.0 34.8 36.7 5.7 5.1
Tata Global Accumulate 121 137 7,643 8,635 9,072 9.8 9.9 5.8 7.2 20.9 16.8 1.9 1.8 6.8 7.4 0.9 0.9Procter & Gamble Hygiene Accumulate 6,442 7,369 20,910 2,588 2,939 23.3 23.2 130.2 146.2 49.5 44.1 98.7 94.6 27.6 25.3 7.7 6.7
IT
HCL Tech^ Buy 743 1,038 104,798 42,038 47,503 21.2 21.5 51.5 57.7 14.4 12.9 3.1 2.4 21.5 18.8 2.1 1.7
Infosys Accumulate 1,201 1,374 276,683 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 3.3
TCS Buy 2,525 3,004 497,563 108,646 122,770 28.3 28.3 123.7 141.0 20.4 17.9 6.8 6.2 33.1 34.6 4.1 3.6
Tech Mahindra Accumulate 477 530 46,298 26,524 29,177 16.2 17.0 28.8 33.6 16.6 14.2 3.2 2.7 19.3 19.1 1.5 1.3
Wipro Buy 548 680 135,457 50,808 56,189 23.7 23.8 37.3 40.7 14.7 13.5 2.8 2.6 19.2 17.7 2.1 1.8
Media
D B Corp Accumulate 330 356 6,062 2,025 2,187 27.4 27.4 17.4 18.9 19.0 17.5 4.3 3.9 22.9 23.7 3.0 2.7
HT Media Neutral 87 - 2,033 2,495 2,673 12.9 13.2 6.8 7.2 12.9 12.1 1.0 0.9 7.5 7.8 0.4 0.3
Jagran Prakashan Buy 163 205 5,327 2,170 2,355 27.2 26.2 8.9 9.9 18.3 16.5 3.8 3.4 20.9 20.5 2.4 2.2
Sun TV Network Neutral 369 - 14,550 2,510 2,763 71.8 71.5 21.9 24.8 16.9 14.9 4.0 3.6 22.8 24.3 5.3 4.8Hindustan Media Ventures Neutral 260 - 1,906 914 1,016 21.7 21.5 21.9 23.3 11.9 11.2 2.1 1.8 18.0 16.2 1.5 1.3
Metals & Mining
Coal India Buy 289 380 182,353 76,167 84,130 19.9 22.3 22.4 25.8 12.9 11.2 4.6 4.5 35.5 41.0 1.7 1.5
Hind. Zinc Neutral 174 - 73,563 14,641 14,026 50.4 50.4 17.7 16.0 9.9 10.9 1.5 1.4 16.2 13.2 2.6 2.5
Hindalco Neutral 99 - 20,371 104,356 111,186 8.7 9.5 6.7 11.1 14.7 8.9 0.5 0.5 3.5 5.9 0.7 0.7
JSW Steel Neutral 1,366 - 33,013 42,308 45,147 16.4 20.7 (10.3) 49.5 27.6 1.5 1.5 (1.0) 5.6 1.8 1.7
NMDC Neutral 98 - 38,676 8,237 10,893 46.6 44.5 10.0 11.7 9.8 8.4 1.1 1.0 12.5 13.0 4.5 3.4
SAIL Neutral 47 - 19,556 45,915 53,954 7.2 10.5 1.5 4.4 31.4 10.8 0.5 0.5 2.3 4.1 1.1 1.0
Vedanta Neutral 111 - 32,819 71,445 81,910 26.2 26.3 12.9 19.2 8.6 5.8 0.6 0.5 7.2 8.9 0.9 0.7
Tata Steel Neutral 347 - 33,682 126,760 137,307 8.9 11.3 6.4 23.1 54.5 15.0 1.1 1.1 2.0 7.1 0.8 0.8
Oil & Gas
Cairn India Neutral 151 - 28,217 11,323 12,490 49.4 51.0 20.7 20.7 7.3 7.3 0.5 0.5 6.4 6.1 1.6 0.9
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May 03, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Oil & Gas
GAIL Neutral 367 - 46,566 64,856 70,933 9.1 9.6 24.0 28.9 15.3 12.7 1.3 1.2 8.8 9.6 0.9 0.8
ONGC Neutral 218 - 186,510 154,564 145,998 36.8 37.4 20.8 22.6 10.5 9.7 1.0 0.9 10.1 9.7 1.4 1.6
Petronet LNG Neutral 267 - 20,025 29,691 31,188 5.8 6.2 12.8 13.4 20.9 19.9 3.1 2.8 15.8 14.8 0.8 0.7
Indian Oil Corp Accumulate 426 455 103,492 359,607 402,760 5.9 6.1 42.5 48.7 10.0 8.8 1.3 1.2 14.1 14.4 0.4 0.3
Reliance Industries Buy 986 1,150 319,598 304,775 344,392 12.6 13.4 91.3 102.6 10.8 9.6 1.2 1.1 11.8 12.0 1.0 0.8
Pharmaceuticals
Alembic Pharma Neutral 595 - 11,224 3,274 3,802 26.9 19.4 35.0 28.7 17.0 20.8 7.5 5.7 55.6 31.2 3.4 2.9
Aurobindo Pharma Accumulate 770 856 45,041 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* Neutral 4,386 - 10,100 2,082 2,371 17.4 20.8 118.2 151.5 37.1 29.0 5.4 4.4 19.9 25.5 4.5 3.8
Cadila Healthcare Accumulate 325 352 33,267 10,224 11,840 21.0 22.0 14.6 17.6 22.3 18.5 6.1 4.8 30.8 29.0 3.3 2.8
Cipla Accumulate 538 605 43,246 13,979 16,447 20.2 18.6 25.7 27.5 21.0 19.6 3.4 2.9 17.6 16.1 3.1 2.6
Dr Reddy's Buy 3,012 3,933 51,368 16,838 19,575 25.0 23.1 167.5 178.8 18.0 16.9 3.8 3.2 23.1 20.4 3.0 2.5
Dishman Pharma Neutral 169 - 2,732 1,733 1,906 21.5 21.5 17.0 19.9 10.0 8.5 1.0 0.9 10.5 11.2 2.1 1.8
GSK Pharma* Neutral 3,670 - 31,082 2,870 3,158 20.0 22.1 59.5 68.3 61.7 53.7 18.2 18.7 28.5 34.3 10.3 9.4
Indoco Remedies Neutral 268 - 2,466 1,033 1,199 15.9 18.2 9.4 13.6 28.5 19.7 4.2 3.6 15.7 19.7 2.5 2.1
Ipca labs Buy 493 900 6,222 3,363 3,909 12.9 18.6 13.4 28.0 36.8 17.6 2.6 2.3 7.4 14.0 2.1 1.8
Lupin Neutral 1,617 - 72,878 13,092 16,561 25.0 27.0 50.4 68.3 32.1 23.7 6.6 5.2 22.8 24.7 5.3 4.1
Sun Pharma Buy 811 950 195,289 28,163 32,610 25.8 30.7 17.4 26.9 46.6 30.2 4.4 3.8 13.0 16.6 6.4 5.3
Power
Tata Power Neutral 70 - 18,973 35,923 37,402 22.6 22.8 4.1 5.2 17.3 13.6 1.3 1.2 7.5 9.3 1.5 1.4
NTPC Accumulate 138 146 113,829 87,271 99,297 23.5 23.5 11.8 13.3 11.8 10.4 1.3 1.2 11.5 12.2 2.3 2.1
Power Grid Buy 143 170 74,759 20,702 23,361 86.7 86.4 12.1 13.2 11.8 10.8 1.7 1.6 15.6 15.1 8.5 7.9
Real Estate
MLIFE Buy 430 554 1,765 697 1,011 14.9 19.3 13.8 20.1 31.2 21.4 1.2 1.1 3.8 5.3 3.8 2.6
Telecom
Bharti Airtel Neutral 358 - 143,047 101,748 109,191 32.1 31.7 12.0 12.5 29.8 28.6 2.1 1.9 6.9 6.7 2.0 1.8
Idea Cellular Neutral 118 - 42,324 34,282 36,941 32.0 31.5 5.9 6.2 19.9 19.0 1.8 1.7 9.9 9.3 1.8 1.7
zOthers
Abbott India Neutral 4,571 - 9,712 2,715 3,153 14.5 14.1 134.3 152.2 34.0 30.0 8.5 7.0 27.4 25.6 3.3 2.8
Bajaj Electricals Neutral 231 - 2,332 4,719 5,287 5.2 5.8 8.6 12.7 27.0 18.2 3.1 2.7 11.4 14.8 0.5 0.4
Finolex Cables Neutral 282 - 4,315 2,520 2,883 12.2 12.0 12.7 14.2 22.3 19.9 3.0 2.7 13.6 13.5 1.5 1.2
Goodyear India* Buy 502 582 1,158 1,800 1,600 11.7 11.5 58.7 52.9 8.6 9.5 1.9 1.7 24.6 18.7 0.4 0.4
Hitachi Neutral 1,337 - 3,636 1,779 2,081 7.8 8.8 21.8 33.4 61.3 40.0 9.9 8.0 17.4 22.1 2.1 1.8
Jyothy Laboratories Neutral 302 - 5,464 1,620 1,847 11.5 11.5 7.3 8.5 41.4 35.6 5.4 5.0 13.3 14.4 3.2 2.8
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May 03, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
MRF Buy 34,165 45,575 14,490 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.2 9.0 2.1 1.7 41.1 21.2 0.7 0.9
Page Industries Neutral 12,812 - 14,291 1,929 2,450 19.8 20.1 229.9 299.0 55.7 42.9 24.6 17.1 52.1 47.1 7.4 5.8
Relaxo Footwears Neutral 493 - 5,917 1,767 2,152 12.3 12.5 19.3 25.1 25.6 19.7 6.3 4.8 27.7 27.8 3.4 2.8
Siyaram Silk Mills Buy 1,052 1,354 986 1,636 1,815 11.5 11.5 89.9 104.1 11.7 10.1 1.9 1.7 17.9 17.8 0.8 0.7
Styrolution ABS India* Neutral 612 - 1,076 1,271 1,440 8.6 9.2 32.0 41.1 19.1 14.9 2.0 1.8 10.7 12.4 0.8 0.7
TVS Srichakra Buy 2,337 3,217 1,789 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 290 - 2,099 2,123 2,384 16.1 16.5 15.0 18.9 19.3 15.4 1.5 1.4 8.0 9.4 1.3 1.2Kirloskar Engines India Ltd Neutral 232 - 3,356 2,403 2,554 8.6 9.9 9.2 10.5 25.3 22.1 2.4 2.3 9.7 10.7 1.0 1.0
M M Forgings Buy 485 614 585 511 615 21.7 21.6 43.1 55.8 11.2 8.7 2.1 1.7 19.9 21.2 1.4 1.0
Banco Products (India) Neutral 131 - 935 1,208 1,353 11.0 12.3 10.8 14.5 12.1 9.0 1.4 1.2 11.9 14.5 0.7 0.6
Competent Automobiles Neutral 151 - 93 1,040 1,137 3.2 3.1 25.7 28.0 5.9 5.4 0.9 0.8 15.0 14.3 0.1 0.1
Nilkamal Neutral 1,184 - 1,767 1,871 2,031 10.7 10.5 63.2 69.8 18.7 17.0 3.1 2.6 17.6 16.6 1.0 0.9
Visaka Industries Buy 121 143 192 1,020 1,120 8.7 9.1 13.9 20.1 8.7 6.0 0.6 0.5 6.4 8.7 0.4 0.4Transport Corporation of India Neutral 263 - 2,001 2,830 3,350 8.8 9.0 14.4 18.3 18.3 14.4 2.8 2.5 15.4 17.1 0.8 0.7
Elecon Engineering Neutral 63 - 686 1,359 1,482 10.3 13.7 0.8 3.9 78.4 16.2 1.3 1.2 1.6 7.8 0.9 0.8
Surya Roshni Buy 150 201 656 2,992 3,223 8.1 8.4 14.7 18.3 10.2 8.2 1.0 0.9 9.7 11.0 0.5 0.5
MT Educare Neutral 167 - 667 286 366 18.3 17.7 7.7 9.4 21.7 17.9 4.6 4.0 20.2 21.1 2.2 1.7
Radico Khaitan Buy 88 156 1,175 1,517 1,635 12.7 13.4 5.8 7.1 15.2 12.4 1.3 1.2 8.6 9.6 1.3 1.2
Garware Wall Ropes Buy 355 473 776 862 974 11.2 11.2 24.9 29.6 14.3 12.0 2.2 1.9 15.1 15.4 0.9 0.8
Wonderla Holidays Neutral 380 - 2,145 206 308 44.0 43.6 9.0 12.9 42.2 29.4 5.8 5.2 13.7 17.8 10.3 6.9
Linc Pen & Plastics Neutral 194 - 286 340 371 8.3 8.9 10.8 13.2 17.9 14.7 2.9 2.5 16.0 17.1 0.9 0.8
The Byke Hospitality Neutral 153 - 615 222 287 20.5 20.5 5.6 7.6 27.2 20.3 5.1 4.2 18.9 20.8 2.8 2.2
Interglobe Aviation Neutral 1,025 - 36,947 17,022 21,122 20.7 14.5 63.9 53.7 16.0 19.1 24.0 19.7 149.9 103.2 2.2 1.8Coffee Day Enterprises Ltd Neutral 262 - 5,390 2,692 2,964 17.0 18.6 - 4.7 - 55.2 3.2 3.0 0.2 5.5 2.4 2.2
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 186 265 2,650 365 436 38.3 37.5 5.6 5.9 33.0 31.6 2.1 1.9 6.3 6.1 8.1 6.9
UFO Moviez Neutral 517 - 1,421 558 619 32.0 33.2 22.5 30.0 22.9 17.2 2.8 2.4 12.0 13.8 2.4 2.0
VRL Logistics Neutral 402 - 3,665 1,725 1,902 16.5 16.7 12.2 14.6 33.0 27.6 6.9 6.0 20.8 21.9 2.3 2.0
Team Lease Serv. Neutral 954 - 1,631 2,565 3,229 1.3 1.5 15.2 22.8 62.9 41.9 5.0 4.5 8.0 10.7 0.5 0.4
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May 03, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
S H Kelkar & Co. Neutral 230 - 3,324 928 1,036 15.3 15.1 4.9 6.1 46.6 37.6 4.4 4.0 9.4 10.7 3.5 3.1
Quick Heal Neutral 269 - 1,885 339 408 27.8 27.3 7.1 7.7 38.1 34.8 3.2 3.2 8.5 9.3 4.5 3.8
Narayana Hrudaya Neutral 294 - 6,013 1,603 1,873 10.9 11.5 1.0 2.6 308.9 111.3 7.4 6.8 2.4 6.1 3.9 3.3
Manpasand Bever. Neutral 530 - 2,652 540 836 19.9 19.6 10.2 16.9 51.7 31.4 4.2 3.8 8.1 12.0 4.6 2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 02, 2016
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May 03, 2016
Stock Watch
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Market OutlookMay 03, 2016