Académique Documents
Professionnel Documents
Culture Documents
Domestic Indices
Dealers Diary
The Indian market is expected to in green mirroring positive opening trades in most
of the Asian markets, tracking higher US markets.
Chg (%)
(Pts)
(Close)
BSE Sensex
0.6
Nifty
0.7
120.3 19,365
38.9
5,897
MID CAP
0.5
36.9
7,077
The U.S. markets extended gains into a second session Tuesday, rising on signs of
progress on Capitol Hill in reaching an accord to avoid steep spending cuts and
tax increases next year. The markets continued to benefit from optimism about
potentially avoiding the looming fiscal cliff. Positive sentiment was also generated
by a report from the National Association of Home Builders showing that U.S.
homebuilder confidence improved for the eighth consecutive month in December
as housing market index climbed to 47 in December from a revised 45 in
November.
SMALL CAP
0.6
43.8
7,431
BSE HC
0.7
54.9
8,071
BSE PSU
0.6
44.0
7,228
BANKEX
0.3
49.1 14,322
AUTO
0.4
50.0 11,287
1.8
191.1 10,947
Indian markets rose notably on expectations the RBI would ease its policy on
January 29, when it meets for third quarter review. The central bank left its key
policy rates as well as cash reserve ratio unchanged yesterday in its monetary
policy review, but hinted easing of rates in January.
Global Indices
METAL
OIL & GAS
BSE IT
(0.2)
(17.3)
8,384
0.5
27.2
5,549
(Pts)
(Close)
Chg (%)
Dow Jones
0.9
NASDAQ
1.5
43.9
3,055
FTSE
0.4
23.8
5,936
Markets Today
Nikkei
1.0
94.1
9,923
Hang Seng
(0.1)
The trend deciding level for the day is 19,303 / 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 19,458 19,551 / 5,927 5,958 levels. However, if NIFTY trades below
19,303 / 5,875 levels for the first half-an-hour of trade then it may correct up to
19,210 19,056 / 5,845 5,793 levels.
Straits Times
(0.1)
(1.9)
3,157
0.1
2.1
2,162
Chg (%)
(Pts)
(Close)
INFY
1.4
0.6
$42.0
WIT
0.2
0.0
$8.7
IBN
1.3
0.6
$44.6
HDB
0.1
0.1
$41.0
Indices
S2
S1
PIVOT
R1
R2
SENSEX
NIFTY
19,056
5,793
19,210
5,845
19,303
5,875
19,458
5,927
19,551
5,958
News Analysis
Sales
2,592
743
Net
9,49
(280)
MTD
13,204
(2,153)
YTD
118,224
(19,695)
` cr
Purch
Sales
Net
Open Interest
Index Futures
Stock Futures
1,309
2,995
1,323
3,096
(14)
(101)
12,711
34,895
Gainers / Losers
Gainers
Price (`)
chg (%)
Unitech
Company
Losers
Price (`)
chg (%)
35
5.8
JPPower
222
5.5
Hindustan Zinc
REC
245
5.1
TTK Prestige
3,544
(2.5)
JSW Steel
804
4.8
IPCA Lab
487
(2.2)
Shriram Transport
766
4.7
Max India
240
(2.1)
Zee Entertainment
www.angelbroking.com
NSE
Advances
1,649
844
Declines
1,289
614
131
69
Volumes (` cr)
Company
(18.9) 22,495
BSE
Unchanged
Indian ADR
Advances / Declines
` cr
FII
MFs
Shanghai Com
115.6 13,351
39
(6.9)
139
(2.7)
BSE
3,066
NSE
13,976
Market Outlook
December 19, 2012
www.angelbroking.com
Market Outlook
December 19, 2012
candidate amongst corporates who have evinced interest in getting a bank license,
as it is not a promoter driven corporate and has the requisite financial strength
and corporate stature to promote a bank, in our view. However, post the sharp
run-up, we believe L&T finance stock is very expensively priced (to put it in
perspective, its market cap is similar to an existing new generation private bank,
which is also growing rapidly and has 3x L&T Finance Balance sheet and PAT).
Likely entry of new banks in the banking industry would also increase the
acquisition prospects of older private banks. Amongst the old private banks, we
like South Indian Bank, both as a standalone investment and also as a potential
acquisition candidate, keeping in mind current valuation parameters like P/ABV
and Market cap/Branch.
Mcap
/branch
Tier-I (%)
FY2012
ROA
FY2012
ROE
TTM
P/ABV
TTM
P/E
NR
3.4
8.9
0.7
12.7
1.2
10.4
INGBK
NR
14.7
10.6
1.1
14.3
1.8
14.5
KVB
NR
12.2
13.1
1.5
20.8
1.8
9.8
FEDBK
Accum.
549
9.2
15.1
1.4
14.4
1.4
10.1
DHB
NR
2.1
7.4
(0.8)
(14.7)
0.9
KTKBK
NR
6.1
10.4
0.7
9.8
1.2
8.8
SIB
Buy
31
5.1
12.3
1.1
21.6
1.2
7.9
CUB
NR
9.5
12.5
1.7
24.9
2.1
9.6
DCB
NR
14.0
12.7
0.7
8.1
1.4
16.4
Bank
Reco
LVB
www.angelbroking.com
hold auditors of the company more accountable, also limiting the number of
companies an auditor can serve to 20.
The bill also provides for greater protection of minority shareholders and
employees.
Market Outlook
December 19, 2012
www.angelbroking.com
Market Outlook
December 19, 2012
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
December 19, 2012
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
7:00PM
US
Housing Starts
Thousands
Nov
894.00
871.00
7:00PM
US
Building permits
Thousands
Nov
868.00
875.00
7:00PM
US
Thousands
Dec 15
343.00
360.00
8:30PM
Value
Dec A
(26.90)
(26.50)
7:00PM
US
% Change
3Q T
2.70
2.80
8:30PM
US
3:00PM
UK
GDP (YoY)
8:30PM
US
Consumer Confidence
Millions
Nov
4.79
4.90
% Change
3Q F
(0.10)
(0.10)
S.A./ 1985=100
Dec
73.70
71.00
8:30PM
US
Thousands
Nov
368.00
378.00
January 1, 2013
6:30AM
China
PMI Manufacturing
Value
Dec
50.60
--
January 2, 2013
2:25PM
Value
Dec F
46.30
--
3:00PM
UK
PMI Manufacturing
Value
Dec
49.10
49.10
January 3, 2013
2:25PM
Thousands
Dec
5.00
--
January 4, 2013
2:25PM
7:00PM
US
7:00PM
US
Unnemployment rate
5:29PM
China
5:29PM
China
5:29PM
Value
Dec F
52.10
--
Thousands
Dec
146.00
--
Dec
7.70
--
% Change
Dec
2.00
--
% Change
Dec
10.10
--
India
Imports YoY%
% Change
Dec
6.40
--
5:29PM
India
Exports YoY%
% Change
Dec
(4.20)
--
5:29PM
China
Exports YoY%
% Change
Dec
2.90
--
5:30PM
UK
% Ratio
Jan 10
0.50
0.50
6:15PM
Jan 10
0.75
--
3:00PM
UK
% Change
Nov
(3.00)
--
5:29PM
China
% Change
4Q
7.40
--
12:00PM
India
% Change
Dec
7.24
--
11:00AM
India
% Change
Nov
8.20
--
7:00PM
US
% Change
Dec
(0.80)
--
3:30PM
Dec
2.20
--
7:00PM
US
% Change
Dec
(0.30)
--
7:45PM
US
Industrial Production
Dec
1.05
--
3:00PM
UK
% Change
Dec
(3.00)
--
12:45AM
US
Jan 30
0.25
--
12:30PM
% Change
4Q P
0.40
--
3:30PM
% Change
4Q A
(0.10)
--
January 9, 2013
January 10, 2013
Market Outlook
December 19, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
8.0
6.0
6.7
5.7
6.1
4.3
4.0
2.7
2.0
2.5
2.3
1.0
3.5
(0.7)
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
(2.0)
(2.8)
(4.0)
(0.1)
(%)
Mfg. PMI
60.0
8.0
7.7
7.5
7.4
(1.3)
7.7
Mar-12
Feb-12
Jan-12
Dec-11
(2.0)
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
7.6
7.6
Services PMI
8.1
58.0
7.5
56.0
7.5
7.2
54.0
6.9
52.0
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
48.0
Nov-11
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
50.0
Dec-11
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.2
8.0
9.2
9.0
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
(%)
9.00
45.0
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
www.angelbroking.com
4.25
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
5.00
Nov-11
(30.0)
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(15.0)
Nov-11
0.0
Market Outlook
December 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
152
2,956
1,466
1,686
14.8
14.8
7.0
8.1
21.7
18.8
4.6
3.9
22.6
22.5
2.1
1.8
United Phosphorus
Buy
124
170
5,727
8,421
9,263
16.5
16.5
15.0
17.0
8.3
7.3
1.2
1.1
15.6
15.5
0.8
0.7
Accumulate
248
270
4,231
2,911
3,321
16.2
16.2
17.3
19.8
14.3
12.5
3.9
3.1
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
88
96
4,440
13,713
15,341
11.2
11.2
12.5
14.8
7.1
5.9
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
28
31
7,330
14,490
16,606
9.5
9.6
2.2
2.9
12.4
9.7
2.3
2.0
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
360
543
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
0.4
Bajaj Auto
Neutral
2,096
60,650
21,121
23,642
18.4
18.5
108.7
122.6
19.3
17.1
8.0
6.4
46.2
41.6
2.5
2.1
Bharat Forge
Buy
266
324
6,200
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
9,063
28,457
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
358
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
141
155
11,985
6,229
7,200
14.8
15.8
7.2
9.0
19.7
15.8
3.4
2.9
18.5
19.9
1.6
1.3
FAG Bearings*
Neutral
1,738
2,887
1,489
1,750
16.5
17.5
103.3
126.9
16.8
13.7
3.3
2.7
21.3
21.6
1.7
1.4
Hero Motocorp
Neutral
1,882
37,571
24,743
27,996
14.8
15.2
118.2
130.4
15.9
14.4
6.8
5.4
48.3
41.9
1.2
1.0
JK Tyre
Buy
124
165
509
7,517
8,329
6.6
6.6
37.2
41.3
3.3
3.0
0.6
0.5
18.8
17.8
0.3
0.3
964
59,206
40,035
46,272
11.5
11.6
54.7
62.8
17.6
15.4
3.9
3.3
24.3
23.4
1.2
1.0
Maruti
Neutral
1,475
42,608
42,019
50,246
7.3
8.6
66.1
94.4
22.3
15.6
2.5
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
200
11,757
24,285
27,317
6.7
7.2
8.1
10.6
24.9
18.9
5.2
4.3
22.9
24.7
0.6
0.6
Subros
Buy
31
35
185
1,286
1,479
9.4
9.7
2.6
5.1
11.9
6.1
0.7
0.6
5.6
10.3
0.4
0.4
Tata Motors
Accumulate
298
319
12.8
13.1
37.0
44.5
8.1
6.7
2.2
1.7
31.2
28.9
0.5
0.4
TVS Motor
Buy
40
45
1,910
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
ABB*
Sell
707
573
14,983
7,796
9,907
4.8
7.8
9.2
22.0
76.9
32.1
5.6
4.9
7.5
16.4
1.9
1.5
BGR Energy
Neutral
263
1,899
3,605
4,542
11.8
10.7
25.1
27.9
10.5
9.4
1.5
1.4
31.1
27.1
1.0
0.8
BHEL
Neutral
230
56,319
47,801
43,757
18.5
18.0
24.6
21.8
9.4
10.6
2.8
2.4
33.5
24.5
1.0
1.1
Blue Star
Buy
191
242
1,720
2,763
2,948
3.1
5.6
2.6
8.6
72.7
22.4
4.2
3.7
5.9
17.6
0.7
0.7
Crompton Greaves
Buy
118
145
7,586
12,370
14,277
5.2
7.3
4.0
7.8
29.6
15.2
2.0
1.8
6.9
12.6
0.6
0.6
Jyoti Structures
Buy
45
53
370
2,794
3,048
10.6
10.6
9.2
11.7
4.9
3.9
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Accumulate
65
73
1,662
6,858
7,431
7.1
7.5
8.3
9.8
7.8
6.6
1.3
1.1
25.1
24.0
0.4
0.4
LMW
Reduce
2,177
1,992
2,452
2,369
2,727
11.7
11.7
143.4
166.0
15.2
13.1
2.5
2.3
17.4
18.4
0.6
0.4
Thermax
Neutral
603
7,185
5,514
5,813
9.3
10.2
28.1
31.2
21.5
19.3
3.9
3.4
19.2
18.5
1.2
1.1
Capital Goods
www.angelbroking.com
Market Outlook
December 19, 2012
Stock Watch
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
1,410
26,480
11,085
12,415
21.6
21.4
79.4
83.1
17.8
17.0
3.5
3.1
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
206
31,762
10,272
11,884
26.4
26.1
11.5
12.9
18.0
16.0
3.9
3.5
20.8
21.1
2.7
2.2
India Cements
Neutral
89
2,728
4,293
4,666
17.7
18.1
8.6
10.8
10.3
8.3
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Accumulate
144
143
1,764
2,082
2,423
22.9
23.1
20.8
22.5
6.9
6.4
1.2
1.0
18.4
17.4
0.9
1.2
Madras Cements
Neutral
221
5,258
3,814
4,045
29.3
27.5
18.7
19.2
11.8
11.5
2.2
1.9
19.9
17.4
2.0
1.7
Shree Cements^
Neutral
4,478
15,601
5,701
6,210
29.7
28.1
240.7
260.7
18.6
17.2
4.5
3.7
27.1
23.6
2.2
1.8
UltraTech Cement
Neutral
2,011
55,144
21,368
24,043
22.5
23.5
103.5
121.4
19.4
16.6
3.6
3.1
20.2
20.1
2.5
2.3
207
304
1,088
2,034
2,315
22.4
22.4
27.1
31.7
7.6
6.5
0.9
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
245
2,262
2,522
6.7
7.5
1.5
2.7
8.9
5.0
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
129
164
4,286
3,843
4,212
43.1
43.6
16.8
17.8
7.7
7.2
1.3
1.2
18.3
17.0
3.3
3.6
ITNL
Accumulate
210
225
4,079
6,564
7,054
27.2
27.4
26.3
29.0
8.0
7.2
1.3
1.1
14.0
11.8
2.7
2.8
IVRCL Infra
Neutral
44
1,349
4,249
6,897
7.8
8.2
0.3
3.3
142.5
13.3
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
Accumulate
Nagarjuna Const.
102
21,851
13,842
15,863
26.9
26.4
3.7
4.6
27.9
22.4
1.7
1.6
6.2
7.3
3.0
2.7
1,656
1,748
101,828
60,556
69,167
11.2
11.6
73.8
85.5
22.5
19.4
3.6
3.1
13.5
14.1
1.8
1.6
Reduce
54
44
1,392
5,947
6,569
8.5
8.6
3.1
4.1
17.5
13.2
0.6
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
59
1,958
11,892
13,116
9.0
9.0
1.8
3.2
32.6
18.3
0.7
0.6
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
135
168
2,043
2,344
2,804
10.6
10.7
7.2
8.7
18.8
15.6
2.3
2.0
13.0
13.5
1.2
1.1
Simplex Infra
Buy
214
251
1,059
6,882
8,032
9.1
9.1
23.2
31.3
9.2
6.8
0.8
0.7
9.1
11.2
0.5
0.5
Allahabad Bank
Accumulate
168
181
8,400
6,392
7,238
2.7
2.8
30.3
33.3
5.6
5.1
0.8
0.7
14.8
14.5
Andhra Bank
Neutral
117
6,572
4,731
5,431
2.9
3.0
21.5
21.8
5.5
5.4
0.9
0.8
15.2
13.8
Axis Bank
Accumulate
1,351
1,550
57,669
15,686
18,687
3.1
3.2
116.8
138.0
11.6
9.8
2.1
1.8
20.0
20.2
Bank of Baroda
Neutral
850
33,270
15,436
18,208
2.5
2.6
111.8
137.4
7.6
6.2
1.1
1.0
15.8
17.0
Bank of India
Accumulate
322
334
18,453
12,491
14,883
2.2
2.4
43.8
63.7
7.3
5.1
1.0
0.8
12.1
15.8
Bank of Maharashtra
Accumulate
59
64
3,464
3,563
3,876
3.1
3.1
9.7
12.0
6.1
4.9
0.8
0.7
14.6
16.1
Canara Bank
Buy
472
544
20,916
10,699
12,213
2.1
2.2
67.3
80.1
7.0
5.9
1.0
0.9
13.7
14.6
Central Bank
Neutral
83
6,102
7,171
8,236
2.5
2.6
16.4
21.5
5.1
3.9
0.9
0.7
12.7
14.9
Corporation Bank
Accumulate
448
480
6,630
4,780
5,569
2.0
2.1
101.8
99.2
4.4
4.5
0.7
0.7
17.0
14.7
Dena Bank
Accumulate
120
132
4,185
3,087
3,453
2.7
2.8
25.9
24.1
4.6
5.0
0.8
0.7
19.4
15.6
Federal Bank
Neutral
497
8,503
2,617
2,968
3.3
3.2
45.9
51.7
10.9
9.6
1.4
1.2
13.1
13.3
Financials
www.angelbroking.com
Market Outlook
December 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
HDFC
Neutral
846
130,438
7,336
8,802
3.5
3.5
31.5
37.8
26.9
22.4
5.4
4.8
34.8
32.1
HDFC Bank
Neutral
676
159,833
21,696
26,811
4.4
4.5
28.7
36.0
23.6
18.8
4.5
3.8
20.7
22.0
ICICI Bank
Accumulate
1,149
1,296
132,069
22,271
26,690
3.0
3.0
69.2
83.1
16.6
13.8
2.0
1.9
14.2
15.7
IDBI Bank
Accumulate
111
119
14,184
7,684
9,264
1.8
2.1
15.6
22.0
7.1
5.1
0.8
0.7
10.9
13.9
Indian Bank
Buy
192
230
8,271
5,874
6,551
3.2
3.2
40.6
41.8
4.7
4.6
0.8
0.7
18.1
16.4
IOB
Accumulate
86
89
6,866
7,050
8,313
2.3
2.5
12.3
19.9
7.0
4.3
0.6
0.6
8.8
13.1
J & K Bank
Accumulate
1,340
1,456
6,495
2,762
2,885
3.6
3.6
226.7
193.0
5.9
6.9
1.3
1.2
24.4
17.7
Accumulate
283
313
14,269
1,799
2,255
2.3
2.4
20.3
27.3
13.9
10.4
2.2
1.9
16.9
19.7
Oriental Bank
Accumulate
353
370
10,312
6,277
7,090
2.6
2.7
60.5
65.1
5.8
5.4
0.9
0.8
15.0
14.4
Punjab Natl.Bank
Accumulate
844
890
28,640
19,652
22,601
3.2
3.3
135.0
164.3
6.3
5.1
1.1
0.9
16.3
17.3
South Ind.Bank
Accumulate
26
29
3,528
1,556
1,750
2.8
2.7
3.5
3.9
7.6
6.9
1.3
1.1
19.1
16.9
St Bk of India
Accumulate
2,371
2,520
159,132
61,883
71,546
3.4
3.4
227.2
257.5
10.4
9.2
1.8
1.5
17.8
17.7
Syndicate Bank
Accumulate
134
139
8,051
6,756
7,783
3.0
3.0
26.3
27.1
5.1
4.9
0.9
0.8
18.3
16.6
UCO Bank
Neutral
80
5,328
5,234
6,097
2.3
2.4
11.8
14.7
6.8
5.4
1.1
0.9
11.9
13.4
Union Bank
Accumulate
275
285
15,132
9,912
11,536
2.8
2.9
40.4
46.7
6.8
5.9
1.1
1.0
16.1
16.4
United Bank
Buy
76
91
2,760
3,500
3,912
2.6
2.8
15.8
21.2
4.8
3.6
0.6
0.6
13.1
15.7
Vijaya Bank
Neutral
64
3,152
2,354
2,754
2.0
2.2
7.4
10.2
8.6
6.2
0.9
0.8
9.3
11.9
Yes Bank
Buy
468
542
16,715
3,270
4,240
2.8
3.0
34.5
42.2
13.6
11.1
2.9
2.4
23.5
23.5
4,291
41,163
11,198
13,184
16.2
16.2
123.7
146.4
34.7
29.3
11.8
9.3
38.1
35.4
3.6
3.0
493
584
5,894
5,627
6,581
4.9
5.7
18.3
24.7
27.0
20.0
9.8
7.5
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,407
19,133
3,146
3,573
20.6
21.4
36.4
42.5
38.7
33.1
35.8
30.0
102.0
98.5
5.8
5.1
Dabur India
Neutral
130
22,641
6,124
7,101
17.0
16.8
4.5
5.2
29.1
24.8
12.0
9.5
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,753
15,784
3,124
3,663
17.1
17.6
104.5
123.8
35.9
30.3
11.2
9.0
34.4
32.8
4.7
3.9
Godrej Consumer
Neutral
724
24,626
6,355
7,548
18.4
18.6
22.8
27.6
31.7
26.2
7.3
6.0
26.4
26.1
4.0
3.3
HUL
Neutral
525
113,405
25,350
28,974
13.3
13.5
14.7
17.1
35.6
30.8
28.2
19.9
84.5
75.8
4.2
3.7
ITC
Neutral
294
231,055
29,409
34,060
35.7
36.1
9.3
10.9
31.5
26.9
10.4
8.7
35.8
35.3
7.6
6.5
Marico
Neutral
222
14,316
4,840
5,643
13.1
13.1
6.2
7.8
36.0
28.5
6.9
5.6
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,777
46,061
8,529
10,079
20.8
21.1
113.1
137.8
42.3
34.7
25.4
17.7
70.5
60.2
5.5
4.5
Tata Global
Neutral
165
10,216
7,207
7,927
9.7
10.0
6.6
7.8
25.0
21.1
2.5
2.4
8.6
9.5
1.4
1.2
www.angelbroking.com
Market Outlook
December 19, 2012
Stock Watch
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
632
43,915
24,214
26,772
19.5
18.1
44.0
48.0
14.4
13.2
3.4
2.9
24.0
22.0
1.7
1.5
90
135
2,660
1,944
2,159
21.8
21.1
11.4
12.2
7.9
7.3
2.0
1.7
26.4
24.1
1.1
0.9
IT
HCL Tech^
Neutral
Hexaware*
Buy
Infosys
Accumulate
2,271
2,573
130,385
39,174
41,580
29.5
30.4
159.2
171.6
14.3
13.2
3.4
3.1
24.1
23.1
2.8
2.5
Infotech Enterprises
Neutral
191
2,132
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
Buy
111
132
1,986
2,195
2,317
15.5
15.0
10.7
12.1
10.4
9.2
2.2
1.8
21.0
19.8
0.9
0.8
Mahindra Satyam
Accumulate
106
115
12,517
7,597
8,141
20.0
18.8
9.7
10.4
11.0
10.2
3.0
2.3
27.5
22.9
1.2
1.1
Mindtree
Accumulate
708
747
2,908
2,324
2,437
20.0
17.7
73.3
74.7
9.7
9.5
2.3
1.9
24.1
19.7
1.0
0.8
Mphasis&
Neutral
379
7,973
5,700
5,993
18.0
16.9
37.0
37.3
10.3
10.2
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Buy
31
36
507
1,048
1,161
9.3
10.9
4.2
6.2
7.3
5.0
0.8
0.7
10.5
14.1
0.3
0.2
Persistent
Neutral
492
1,966
1,261
1,352
26.4
24.7
48.2
54.0
10.2
9.1
1.9
1.6
19.0
17.9
1.2
1.1
TCS
Accumulate
1,211
1,410
237,000
61,053
67,313
28.7
29.1
69.7
76.2
17.4
15.9
5.7
4.6
32.6
29.1
3.8
3.4
Tech Mahindra
Accumulate
946
1,070
12,091
6,603
7,150
19.8
18.4
92.9
102.0
10.2
9.3
2.4
1.9
23.7
21.0
1.9
1.7
Wipro
Accumulate
376
421
92,586
43,219
47,241
20.0
20.0
26.1
28.1
14.4
13.4
2.8
2.4
19.3
17.9
1.8
1.5
D B Corp
Buy
220
259
4,025
1,581
1,784
23.3
25.0
11.6
14.4
19.0
15.2
3.7
3.2
21.0
22.3
2.5
2.1
HT Media
Accumulate
103
113
2,409
2,111
2,272
15.0
15.2
7.4
8.3
13.9
12.4
1.5
1.4
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
101
117
3,197
1,503
1,681
23.1
23.1
6.4
7.3
15.8
13.9
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
286
826
682
786
17.3
16.9
17.6
19.7
16.2
14.6
1.9
1.7
14.9
14.5
1.5
1.3
Sun TV Network
Neutral
414
16,329
1,942
2,237
77.2
75.5
17.6
19.1
23.5
21.7
5.9
5.3
25.8
25.2
7.7
6.6
Bhushan Steel
Neutral
456
9,681
11,307
14,287
29.5
29.1
45.1
51.0
10.1
8.9
1.2
1.0
12.2
12.2
2.9
2.3
Coal India
Neutral
353
222,778
66,666
70,292
25.7
27.3
24.2
26.6
14.6
13.3
4.3
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Buy
24
29
829
1,984
2,074
10.6
11.6
0.8
2.0
28.7
11.8
0.5
0.2
1.7
4.1
0.6
0.5
Hind. Zinc
Neutral
139
58,605
12,446
13,538
52.3
52.9
15.0
16.4
9.3
8.5
1.8
1.5
21.4
19.7
3.0
2.3
Hindalco
Neutral
127
24,401
79,148
89,258
9.4
9.0
15.0
15.6
8.5
8.2
0.7
0.7
8.8
8.4
0.7
0.6
JSW Steel
Neutral
804
17,930
39,586
41,459
17.6
17.0
78.7
90.1
10.2
8.9
1.0
0.9
10.2
10.7
0.8
0.8
MOIL
Neutral
265
4,444
941
1,019
47.3
48.3
25.8
28.1
10.2
9.4
1.6
1.4
16.7
16.2
2.3
1.9
Monnet Ispat
Accumulate
299
344
1,926
2,501
3,264
22.2
24.6
41.8
55.2
7.2
5.4
0.7
0.7
11.3
13.4
1.9
1.3
Nalco
Neutral
NMDC
Buy
SAIL
Neutral
Media
www.angelbroking.com
49
12,538
6,898
7,841
9.9
14.7
2.0
3.2
24.5
15.3
1.1
1.0
4.3
6.8
1.3
1.2
163
198
64,446
11,209
12,525
78.4
78.3
18.5
20.6
8.8
7.9
2.2
1.8
27.0
24.6
3.7
3.1
88
36,452
47,252
60,351
14.2
14.8
9.6
11.7
9.2
7.5
0.8
0.8
9.4
10.6
1.2
1.0
Market Outlook
December 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
195
16,965
4,551
6,640
32.8
34.4
33.7
39.3
5.8
5.0
1.0
0.9
18.3
18.3
4.2
2.9
Sterlite Inds
Neutral
118
39,773
43,185
45,442
23.3
23.7
16.8
17.9
7.0
6.6
0.8
0.7
11.6
11.2
0.9
0.8
Tata Steel
Buy
414
463
8.3
9.5
22.0
44.5
18.8
9.3
0.9
0.8
4.9
9.3
0.6
0.5
Sarda
Buy
128
153
460
1,442
1,494
17.6
17.3
27.2
28.7
4.7
4.5
0.5
0.5
11.5
11.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
48
73
647
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
Buy
120
143
380
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
Cairn India
Buy
328
382
62,549
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.8
1.1
0.9
22.0
17.5
2.7
2.3
GAIL
Neutral
347
44,073
46,652
54,142
15.7
15.7
34.0
35.3
10.2
9.9
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
256
312
33.9
33.7
30.7
32.3
8.4
7.9
1.4
1.3
18.3
17.2
1.2
1.1
Reliance Industries
Neutral
831
7.9
8.0
60.0
63.3
13.9
13.1
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
305
3,913
3,128
3,707
13.2
11.7
22.8
23.5
13.4
13.0
4.0
3.6
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
263
3,688
3,213
3,643
23.3
23.5
24.3
25.7
10.8
10.2
2.5
2.1
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
162
183
12,128
30,077
33,570
6.6
6.3
15.1
15.3
10.7
10.6
2.7
2.2
28.4
23.1
0.4
0.4
75
4,220
1,079
1,034
91.8
91.9
8.8
8.4
8.6
8.9
1.4
1.3
17.9
15.0
3.6
3.7
Alembic Pharma
Buy
69
91
1,301
1,624
1,855
14.2
15.6
6.6
9.1
10.5
7.6
2.6
2.0
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
191
5,556
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
1.3
Aventis*
Neutral
2,255
5,194
1,482
1,682
15.5
15.5
95.1
104.4
23.7
21.6
4.2
3.3
18.6
17.0
3.3
2.8
Cadila Healthcare
Accumulate
873
926
17,872
6,148
7,386
18.6
19.6
32.7
44.8
26.7
19.5
5.9
4.7
23.7
26.6
3.2
2.6
Cipla
Neutral
412
33,116
8,151
9,130
25.0
24.0
19.5
20.9
21.2
19.7
3.7
3.2
18.8
17.2
3.8
3.3
Dr Reddy's
Neutral
1,840
31,229
10,696
11,662
20.7
21.0
83.7
92.9
22.0
19.8
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
119
145
956
1,280
1,536
20.2
20.2
10.4
14.5
11.4
8.2
1.0
0.9
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,062
17,468
2,651
2,993
31.7
31.2
76.0
82.4
27.1
25.0
7.8
7.0
20.1
26.3
5.8
5.0
Indoco Remedies
Buy
67
89
619
685
837
15.2
15.2
7.4
8.9
9.1
7.6
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Neutral
487
6,138
2,850
3,474
21.0
21.0
29.9
37.3
16.3
13.1
3.9
3.1
26.7
26.4
2.3
1.9
Lupin
Accumulate
609
652
27,230
8,426
10,082
19.7
20.0
26.3
31.3
23.1
19.4
5.4
4.3
26.0
24.7
3.3
2.7
Ranbaxy*
Neutral
502
21,227
12,046
11,980
18.0
15.8
31.3
29.8
16.1
16.9
5.5
4.4
39.1
28.9
1.8
1.7
Sun Pharma
Neutral
736
76,132
9,752
12,134
41.6
41.6
26.0
28.2
28.3
26.1
5.3
4.5
20.3
18.8
6.9
5.3
CESC
Neutral
307
3,838
5,218
5,644
24.2
23.8
44.6
47.6
6.9
6.5
0.7
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
71
78
1,068
1,523
1,568
30.3
30.3
5.4
11.5
13.1
6.1
0.7
0.7
5.6
11.3
1.2
1.0
Neutral
Power
www.angelbroking.com
Market Outlook
December 19, 2012
Stock Watch
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
155
128,011
74,111
85,789
22.7
23.1
12.1
13.7
12.8
11.3
1.6
1.4
12.6
13.2
2.3
2.1
Power
NTPC
Neutral
Real Estate
Anant Raj
Sell
98
78
2,898
657
875
52.0
56.1
8.4
12.7
11.7
7.7
0.7
0.7
6.3
8.9
5.5
4.1
DLF
Neutral
224
37,973
9,878
12,033
44.7
46.1
9.6
13.4
23.3
16.7
1.5
1.4
6.4
8.7
6.2
5.1
HDIL
Neutral
118
4,955
2,441
3,344
55.1
48.2
22.7
26.6
5.2
4.4
0.4
0.4
8.8
9.4
3.8
2.9
MLIFE
Neutral
414
1,692
813
901
26.2
26.6
32.0
37.1
13.0
11.2
1.3
1.2
10.4
11.0
2.4
2.1
Bharti Airtel
Neutral
313
118,920
81,984
90,718
32.1
33.8
10.9
16.9
28.7
18.6
2.2
2.0
7.6
10.6
2.1
1.8
Idea Cellular
Neutral
95
31,507
22,234
24,161
26.9
27.7
3.3
4.9
28.8
19.3
2.2
2.0
7.7
10.3
1.9
1.7
Rcom
Neutral
76
15,635
21,090
22,308
31.8
29.9
3.0
3.8
24.9
19.9
0.4
0.4
1.7
2.1
2.4
2.2
Telecom
zOthers
Abbott India
Accumulate
1,476
1,590
3,136
1,629
1,886
11.8
13.3
60.8
79.5
24.3
18.6
5.0
4.2
22.0
24.4
1.7
1.4
Bajaj Electricals
Neutral
211
2,103
3,497
3,968
6.6
7.6
9.8
15.5
21.5
13.6
2.8
2.4
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
415
526
427
528
15.7
14.6
30.0
34.0
13.9
12.2
3.0
2.5
24.6
22.5
1.3
1.1
Cravatex
Buy
448
545
116
272
308
7.2
7.3
37.5
45.4
12.0
9.9
2.8
2.2
23.7
22.7
0.5
0.5
CRISIL
Neutral
1,040
7,301
982
1,136
34.3
34.3
34.3
40.0
30.3
26.0
13.7
11.0
50.9
46.9
7.0
5.9
Finolex Cables
Neutral
59
909
2,304
2,552
9.9
9.1
8.2
10.1
7.3
5.9
1.0
0.9
13.7
14.7
0.3
0.3
Force Motors
Accumulate
492
537
641
2,318
2,700
5.0
5.7
45.0
67.0
10.9
7.3
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Accumulate
340
360
784
1,494
1,607
6.4
7.8
23.9
33.0
14.2
10.3
2.2
1.9
16.5
20.1
0.3
0.2
Greenply Industries
Neutral
344
831
1,925
2,235
10.6
10.9
29.6
44.1
11.6
7.8
1.9
1.5
16.8
21.0
0.7
0.6
Hitachi
Accumulate
141
146
324
873
989
4.4
6.5
6.4
12.2
22.2
11.6
1.8
1.6
8.3
14.4
0.4
0.3
2,604
2,842
2,303
1,745
1,993
4.0
5.3
59.5
90.4
43.8
28.8
3.3
2.9
8.1
11.3
1.1
1.0
Neutral
750
1,319
1,059
1,116
8.5
9.5
36.0
42.0
20.8
17.9
3.0
2.6
15.4
16.0
1.2
1.2
ITD Cementation
Neutral
235
271
1,323
1,455
12.4
12.4
23.2
27.7
10.1
8.5
0.7
0.6
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
170
2,738
1,228
1,443
9.0
10.9
3.9
6.4
43.7
26.6
4.3
4.0
10.1
15.6
2.7
2.3
MCX
Neutral
1,489
7,592
553
624
65.3
66.3
62.5
72.0
23.8
20.7
6.6
5.7
27.5
27.4
10.9
9.2
MRF
Accumulate
12,366
12,884
5,245
11,804
12,727
10.4
9.6
8.6
1.9
1.5
21.3
19.4
0.6
0.5
Page Industries
Accumulate
3,410
3,602
3,803
836
1,023
20.2
20.6
105.6
133.4
32.3
25.6
16.4
11.6
59.3
53.2
4.6
3.8
Relaxo Footwears
Buy
784
933
941
1,019
1,208
11.0
12.5
47.0
66.7
16.7
11.8
4.1
3.1
28.2
30.1
1.1
0.9
Sintex Industries
Buy
66
79
1,974
4,751
5,189
16.3
16.6
13.6
15.8
4.8
4.2
0.6
0.6
12.9
13.2
0.8
0.6
Buy
304
366
285
1,043
1,149
12.3
12.9
65.7
73.3
4.6
4.2
0.9
0.8
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
13
400
7,134
7,985
19.7
19.4
12.2
14.1
1.1
1.0
0.1
0.1
11.3
11.5
0.6
0.6
www.angelbroking.com
Market Outlook
December 19, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Reduce
47
43
2,262
5,720
6,599
5.3
6.8
3.6
5.4
12.9
8.7
18.7
6.0
0.5
0.4
TAJ GVK
Buy
72
108
449
300
319
35.8
36.2
7.9
9.1
9.1
7.9
1.2
1.1
13.9
14.4
1.8
1.6
Buy
315
384
485
750
803
18.6
18.4
65.4
69.1
4.8
4.6
0.7
0.7
16.5
15.3
0.2
0.1
TVS Srichakra
Buy
268
335
205
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
1,921
25,130
10,289
11,421
12.8
12.8
26.0
45.3
73.9
42.4
3.4
3.1
5.8
7.6
2.8
2.5
Vesuvius India
Neutral
331
672
560
611
16.1
17.0
24.7
28.8
13.4
11.5
2.0
1.8
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 18, 2012
www.angelbroking.com
Market Outlook
December 19, 2012
www.angelbroking.com