Académique Documents
Professionnel Documents
Culture Documents
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
(0.0)
(12)
24,674
Indian markets are expected to open on a Flat to marginally Negative note tracking
the SGX Nifty and most Asian Markets.
BSE Sensex
Nifty
0.1
7,555
After its early highs, the U.S. markets witnessed a pullback throughout the lackluster
trading session on Friday. The markets however managed to close moderately
higher. The choppy trading came as investor kept an eye on developments in the
currency market.
Mid Cap
0.6
68
10,594
Small Cap
0.6
67
10,664
Bankex
0.2
38
17,695
European equities rose in early trading and ended Fridays trading session in the
positive zone as firmer prices of metals and crude oil boosted resource-related
stocks. Better than expected German export data also added to the positive
sentiment.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.2
35
17,577
Nasdaq
0.0
4,851
FTSE
1.1
68
6,204
Nikkei
0.5
72
15,822
Hang Seng
0.5
104
20,370
(0.8)
(23)
2,985
Indian markets closed little changed on Friday as traders took a pause before
quarterly results which will be coming in this week.
News & Result Analysis
Shanghai Com
Society of Indian Auto Manufacturers (SIAM), projects 6-8% growth for FY17
Advances / Declines
BSE
NSE
Advances
1,494
954
Declines
1,041
590
167
73
Unchanged
Volumes (` Cr)
Top Picks
BSE
1,957
NSE
12,950
Rating
CMP
(`)
Target
(`)
Upside
(%)
Buy
863
1,040
20.5
HCL Tech
IT
Buy
832
1,038
24.8
LIC Housing
Financials
Buy
477
592
24.1
Bharat Electronics
Capital Goods
Buy
1,168
1,414
21.1
Buy
179
265
48.0
Company
Sector
Amara Raja
FII
(515)
MFs
(233)
Consensus
Expectations
2.30
2.40
UK
CPI (YoY)
0.30
Apr 12
India
(1.50)
Apr 13
US
(0.6)
Date
Region
Event Description
Apr 11
China
Apr 12
6.(
6.(
Mtd
Ytd
(1,040) (13,550)
(444)
64,251
Price (`)
Chg (%)
Jindalstel
67
10.6
Welcorp
105
6.4
Manappuram
38
6.0
Indiacem
92
5.8
193
5.3
Price (`)
Chg (%)
Ipcalab
499
(10.6)
Sobha
267
(3.5)
Beml
887
(3.3)
37
(3.3)
(2.9)
Top Gainers
Net
Polaris
Top Losers
Tv18Brdcst
Jpassociat
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Market Outlook
April 11, 2016
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Market Outlook
April 11, 2016
Corporate News
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Market Outlook
April 11, 2016
Top Picks
Large Cap
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
14,741
863
1,040
20.5
Bharat Electronics
28,024
1,168
1,414
21.1
HCL Tech
1,17,301
832
1,038
24.8
HDFC Bank
2,67,684
1,059
1,262
19.2
Infosys
2,69,009
1,167
1,347
15.4
24,057
477
592
24.1
NBCC
11,430
953
1,089
14.3
CMP
(`)
Target
(`)
Company
Rationale
To outpace battery industry growth due to better technological
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government when coupled with
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
the bad news.
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.
Back on the growth trend, expect a long term growth of 14%
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Mid Cap
Company
Market Cap
(` Cr)
Upside
(%)
Blue Star
3,569
397
458
15.4
Dewan Housing
5,506
189
270
43.1
IL&FS Transport
2,605
79
93
17.4
Jagran Prakashan
5,129
157
189
20.5
Mahindra Lifespace
1,826
445
554
24.5
Navkar Corporation
2,553
179
265
48.0
Radico Khaitan
1,261
95
156
64.6
939
1,002
1,354
35.2
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Rationale
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.
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.
Commencement of new projects, downtrend in the interest
rate cycle, to lead to stock re-rating
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.
Speedier execution and speedier sales, strong revenue visibilty
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
going ahead. Stock currently trades at an inexpensive
valuation.
Market Outlook
April 11, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
9.0
(%)
6.7
7.6
7.5
6.6
6.4
7.7
7.3
6.7
6.3
2.5
4.0
4.3
4.2
3.0
3.7
2.5
2.0
4.5
(2.0)
(1.2)
(4.0)
4.9
5.0
5.4
5.0
5.4
5.6
5.7
3.7
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Mfg. PMI
56.0
5.2
4.4
4.0
Apr-15
(%)
5.3
(6.0)
5.0
(1.5)
(3.4)
Mar-15
3QFY16
2QFY16
1QFY16
4QFY15
3QFY15
2QFY15
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3.0
Dec-15
4.0
Services PMI
54.0
52.0
3.7
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Feb-15
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
44.0
Jul-15
Jun-15
46.0
May-15
1.0
Apr-15
48.0
Mar-15
2.0
Apr-15
50.0
3.0
Mar-15
6.0
8.0
6.0
5.8
6.0
9.9
10.0
Jan-16
7.0
12.0
8.3
7.8
8.0
5.0
(%)
0.0
Repo rate
(%)
8.00
(5.0)
CRR
7.00
(10.0)
(15.0)
6.00
(20.0)
5.00
(25.0)
4.00
(30.0)
Mar-16
Mar-16
Jan-16
Feb-16
Dec-15
Dec-15
Nov-15
Oct-15
Oct-15
Sep-15
Aug-15
Aug-15
Jul-15
Jun-15
Jun-15
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
May-15
3.00
(35.0)
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Market Outlook
April 11, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
5.3
6.0
5.0
4.5
4.0
2.8
2.0
2.1
2.1
2.0
1.4
0.6
0.7
(6.0)
Japan
France
Germany
USA
UK
Thailand
Malaysia
Indonesia
China
India
(3.8)
South Africa
(4.0)
Russia
(2.0)
Brazil
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
6.8
4.7
4.7
4.0
2.5
2.5
2.6
1.5
(3.8)
USA
UK
Thailand
Malaysia
Indonesia
(3.0)
China
(4.0)
India
(2.0)
Brazil
Russia
2.0
South Africa
1.4
1.2
0.6
Japan
6.0
France
7.3
Germany
(%)
8.0
(6.0)
Source: IMF, Angel Research
17.2
16.4
15.3
13.2
13.0
15.6
11.7
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
11.5
10.7
China
Japan
16.9
India
13.7
7.4
Russia
France
12.9
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Brazil
Exhibit 3: One year forward P-E ratio across select developing and developed countries
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Market Outlook
April 11, 2016
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
50,293
2.4
18.6
(1.7)
Russia
Micex
1,877
(0.3)
7.0
11.5
India
Nifty
7,555
0.9
(2.9)
(12.8)
China
Shanghai Composite
2,985
5.7
(8.2)
(20.6)
South Africa
Top 40
45,252
(2.1)
2.5
(3.0)
Mexico
Mexbol
44,859
0.0
6.7
(0.1)
Indonesia
LQ45
840
(0.3)
4.7
(10.4)
Malaysia
KLCI
1,718
1.9
3.2
(6.2)
Thailand
SET 50
871
(2.0)
14.3
(12.4)
USA
Dow Jones
17,577
3.6
4.0
(2.7)
UK
FTSE
6,204
0.4
4.2
(12.2)
Japan
Nikkei
15,822
(5.7)
(13.0)
(17.6)
Germany
DAX
9,622
(1.6)
(3.6)
(22.0)
France
CAC
4,303
(3.1)
(2.3)
(17.6)
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Stock Watch
April 11, 2016
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
FY17E
FY16E
FY17E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Neutral
170
3,311
2,097
2,415
14.4
14.4
9.5
11.0
17.9
15.5
3.6
3.1
21.1
21.3
1.6
1.4
United Phosphorus
Neutral
460
19,733
12,500
14,375
18.3
18.3
29.8
35.9
15.5
12.8
2.9
2.4
20.0
20.3
1.7
1.4
Neutral
Bajaj Auto
Accumulate
Bharat Forge
Accumulate
Eicher Motors
Neutral
Gabriel India
Accumulate
Hero Motocorp
Neutral
Accumulate
107
30,451
17,995
21,544
11.4
11.6
3.4
4.7
31.5
22.8
5.5
5.1
17.7
22.2
1.7
1.3
2,391
2,585
69,178
22,709
25,860
20.9
20.1
129.0
143.6
18.5
16.7
5.7
4.9
30.7
29.4
2.6
2.2
771
875
17,957
7,351
8,318
19.9
19.7
31.2
36.5
24.7
21.1
4.4
3.7
19.3
19.2
2.6
2.2
19,181
52,098
15,556
16,747
15.5
17.3
464.8
597.5
41.3
32.1
15.1
11.1
36.2
34.3
3.3
3.0
90
101
1,297
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
2,920
58,315
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
146
160
1,167
1,281
1,473
11.2
11.5
7.6
9.2
19.2
15.9
4.9
4.0
25.4
25.2
1.0
0.8
464
728
1,254
1,394
11.6
11.8
35.9
41.7
12.9
11.1
1.8
1.5
13.5
13.8
0.7
0.6
1,233
1,364
76,587
38,416
42,904
13.7
13.9
54.8
63.4
22.5
19.5
3.5
3.1
15.4
15.8
1.6
1.4
Maruti
Neutral
3,429
103,579
57,865
68,104
16.4
16.7
176.3
225.5
19.5
15.2
3.8
3.2
19.4
21.2
1.6
1.3
Minda Industries
Neutral
1,009
1,600
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
244
313
32,248
39,343
45,100
8.8
9.1
10.1
12.5
24.1
19.5
7.6
6.0
35.3
34.4
0.9
0.8
Buy
378
465
299
454
511
11.5
12.0
25.2
31.0
15.0
12.2
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
31
415
594
741
12.7
13.7
1.7
3.2
18.3
9.7
1.9
1.7
10.4
16.9
1.1
0.9
Tata Motors
Neutral
372
13.0
13.4
25.9
29.5
14.4
12.6
1.9
1.6
8.0
9.0
0.6
0.6
TVS Motor
Accumulate
313
330
14,877
11,263
13,122
6.9
8.5
9.2
15.0
34.0
20.9
7.8
6.2
22.7
29.6
1.3
1.1
Buy
863
1,040
14,741
4,892
5,871
17.4
17.6
28.8
37.1
30.0
23.3
7.0
5.6
23.4
24.1
3.0
2.4
Exide Industries
Buy
134
162
11,428
6,950
7,784
14.4
14.8
6.6
7.3
20.4
18.4
2.6
2.3
12.6
12.8
1.4
1.2
Apollo Tyres
Accumulate
168
183
8,549
12,056
12,714
17.2
16.4
23.0
20.3
7.3
8.3
1.3
1.1
17.7
13.6
0.8
0.8
Ceat
Neutral
1,081
4,372
6,041
6,597
14.1
13.7
99.5
111.9
10.9
9.7
2.1
1.8
19.6
18.5
0.9
0.8
JK Tyres
Neutral
83
1,871
7,446
7,669
15.2
14.0
19.6
18.4
4.2
4.5
1.1
0.9
25.2
19.5
0.6
0.6
Swaraj Engines
Neutral
900
1,118
552
630
14.2
14.7
44.6
54.1
20.2
16.6
4.7
4.3
23.2
25.6
1.9
1.6
Subros
Neutral
88
525
1,293
1,527
11.8
11.9
4.2
6.7
20.8
13.1
1.6
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
172
450
283
329
17.0
17.2
13.0
15.4
13.3
11.1
2.9
2.4
21.8
21.6
1.3
1.1
ACE
Neutral
38
373
660
839
4.7
8.2
1.0
3.9
37.7
9.7
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Buy
887
1,157
3,695
3,277
4,006
6.0
8.9
36.2
64.3
24.5
13.8
1.7
1.5
5.7
11.7
1.2
0.9
Bharat Electronics
Buy
1,168
1,414
28,024
7,737
8,634
16.8
17.2
54.0
61.5
21.6
19.0
3.1
2.7
39.3
45.6
2.7
2.3
Capital Goods
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Stock Watch
April 11, 2016
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
272
353
9,000
5,363
5,963
8.0
9.1
11.0
13.8
24.7
19.7
3.8
3.3
16.2
17.9
1.6
1.4
BGR Energy
Neutral
105
758
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
122
29,971
33,722
35,272
10.8
11.7
10.5
14.2
11.7
8.6
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Buy
397
458
3,569
3,548
3,977
6.3
6.9
13.7
17.2
29.0
23.1
7.3
4.7
26.1
25.4
1.1
0.9
Crompton Greaves
Neutral
51
3,178
13,484
14,687
4.9
6.2
4.5
7.1
11.3
7.1
0.8
0.7
7.2
10.8
0.4
0.3
Greaves Cotton
Neutral
127
3,094
1,655
1,755
16.6
16.8
7.4
7.8
17.1
16.2
3.4
3.3
21.1
20.6
1.8
1.7
Inox Wind
Buy
245
458
5,430
4,980
5,943
17.0
17.5
26.6
31.6
9.2
7.7
2.8
2.0
35.0
30.0
1.2
1.0
KEC International
Neutral
125
3,206
8,791
9,716
6.1
6.8
5.4
8.2
23.1
15.2
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
747
8,896
6,413
7,525
7.4
8.5
30.5
39.3
24.5
19.0
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
545
2,970
2,722
3,336
7.9
8.1
19.5
24.6
27.9
22.2
2.9
2.6
11.1
12.4
1.2
1.0
ACC
Neutral
1,439
27,022
13,151
14,757
16.4
18.3
63.9
83.4
22.5
17.3
2.9
2.7
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
225
34,933
11,564
12,556
19.4
20.7
8.9
10.1
25.3
22.3
3.2
3.0
12.8
13.8
2.7
2.4
HeidelbergCement
Neutral
98
2,217
1,772
1,926
13.3
15.4
1.0
3.0
97.9
32.6
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
92
2,814
4,216
4,840
18.0
19.5
4.0
9.9
22.9
9.3
0.9
0.9
4.0
9.5
1.0
0.8
JK Cement
Neutral
664
4,644
3,661
4,742
10.1
15.8
7.5
28.5
88.5
23.3
2.7
2.4
7.5
22.9
1.7
1.3
J K Lakshmi Cement
Neutral
338
3,975
2,947
3,616
16.7
19.9
11.5
27.2
29.4
12.4
2.8
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
244
652
1,053
1,347
10.5
13.3
8.4
26.0
29.1
9.4
1.2
1.1
4.3
12.5
1.0
0.7
Orient Cement
Neutral
154
3,148
1,854
2,524
21.2
22.2
7.7
11.1
20.0
13.8
2.9
2.5
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
443
10,541
4,036
4,545
20.8
21.3
15.1
18.8
29.3
23.6
3.6
3.2
12.9
14.3
3.1
2.7
Shree Cement^
Neutral
12,198
42,496
7,150
8,742
26.7
28.6
228.0
345.5
53.5
35.3
7.9
6.6
15.7
20.3
5.7
4.6
UltraTech Cement
Neutral
3,159
86,693
24,669
29,265
18.2
20.6
82.0
120.0
38.5
26.3
4.1
3.6
11.3
14.7
3.6
3.0
Cement
Construction
ITNL
Buy
79
93
2,605
7,360
8,825
34.0
35.9
7.0
9.0
11.3
8.8
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Buy
520
603
1,463
937
1,470
14.3
14.0
44.2
38.6
11.8
13.5
2.4
2.0
15.4
15.4
1.6
1.1
Accumulate
1,191
1,310
110,907
58,870
65,708
8.3
10.3
42.0
53.0
28.4
22.5
2.0
1.8
8.8
11.2
2.1
1.9
Neutral
177
8,567
629
684
51.0
52.2
6.4
5.9
27.7
30.0
3.7
3.4
15.9
12.7
13.3
12.0
MBL Infrastructures
Buy
156
285
645
2,313
2,797
12.2
14.6
19.0
20.0
8.2
7.8
0.9
0.8
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
73
4,044
7,892
8,842
8.8
9.1
3.0
5.3
24.3
13.7
1.2
1.1
5.0
8.5
0.8
0.6
PNC Infratech
Accumulate
529
558
2,712
1,873
2,288
13.2
13.5
24.0
32.0
22.0
16.5
2.1
1.9
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
241
1,194
5,955
6,829
10.3
10.5
16.0
31.0
15.1
7.8
0.8
0.7
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
April 11, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
576
848
1,539
1,801
12.8
12.7
59.0
72.1
9.8
8.0
1.5
1.2
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
272
289
4,659
3,481
4,219
10.7
10.8
8.2
11.7
33.1
23.2
3.2
2.8
10.3
13.5
1.6
1.3
NBCC
Accumulate
953
1,089
11,430
5,816
7,382
6.9
7.7
29.6
39.8
32.2
23.9
5.8
4.6
24.1
26.7
1.7
1.3
MEP Infra
Neutral
42
686
1,956
1,876
28.1
30.5
1.3
3.0
32.5
14.1
6.8
4.6
21.2
32.8
1.8
1.7
SIPL
Neutral
103
3,617
675
1,042
62.4
64.7
3.9
4.4
17.0
11.5
Engineers India
Neutral
162
5,470
1,667
1,725
13.5
16.0
9.7
11.4
11.7
13.4
2.1
2.1
16.7
14.2
2.0
1.9
Financials
Allahabad Bank
Neutral
54
3,299
8,569
9,392
2.8
2.9
16.3
27.5
3.3
2.0
0.3
0.2
7.6
11.9
Axis Bank
Buy
422
494
100,436
26,473
31,527
3.5
3.6
35.7
43.5
11.8
9.7
2.0
1.7
17.9
18.9
Bank of Baroda
Neutral
143
32,973
18,485
21,025
1.9
2.0
13.5
21.1
10.6
6.8
0.8
0.7
7.3
10.6
Bank of India
Neutral
91
7,451
15,972
17,271
1.9
2.0
15.3
33.4
6.0
2.7
0.3
0.2
3.6
7.6
Canara Bank
Neutral
183
9,912
15,441
16,945
2.0
2.1
46.6
70.4
3.9
2.6
0.3
0.3
8.0
11.2
Dena Bank
Neutral
29
1,881
3,440
3,840
2.1
2.3
7.3
10.0
4.0
2.9
0.3
0.3
6.1
7.9
189
270
5,506
1,892
2,277
2.9
2.9
25.9
30.8
7.3
6.1
1.1
1.0
15.3
15.9
Neutral
43
7,430
3,477
3,999
3.0
3.0
5.0
6.2
8.6
6.9
0.9
0.8
10.6
11.9
HDFC
Neutral
1,079
170,473
10,358
11,852
3.3
3.3
41.1
47.0
26.3
22.9
5.0
4.5
24.7
24.9
HDFC Bank
Buy
1,059
1,262
267,684
38,309
47,302
4.3
4.3
49.3
61.1
21.5
17.3
3.7
3.2
18.5
19.7
ICICI Bank
Accumulate
221
254
128,740
34,279
39,262
3.3
3.3
21.0
24.4
10.6
9.1
1.8
1.5
14.4
14.7
IDBI Bank
Neutral
67
13,825
9,625
10,455
1.8
1.8
8.5
14.2
7.9
4.7
0.5
0.4
5.9
9.3
Indian Bank
Neutral
99
4,748
6,160
6,858
2.5
2.5
24.5
29.8
4.0
3.3
0.3
0.3
7.7
8.6
Buy
477
592
24,057
3,101
3,745
2.5
2.5
33.0
40.2
14.5
11.9
2.7
2.3
19.7
20.5
Oriental Bank
Neutral
87
2,604
7,643
8,373
2.4
2.4
37.2
45.4
2.3
1.9
0.2
0.2
8.2
9.4
Punjab Natl.Bank
Neutral
82
16,013
23,638
26,557
2.8
2.8
17.9
27.2
4.6
3.0
0.5
0.4
8.5
12.0
South Ind.Bank
Neutral
17
2,350
1,965
2,185
2.5
2.5
2.5
3.3
7.0
5.3
0.7
0.6
9.5
11.7
St Bk of India
Neutral
183
142,136
79,958
86,061
2.6
2.6
13.4
20.7
13.7
8.9
1.1
1.0
11.5
12.8
Union Bank
Neutral
126
8,648
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
31
2,919
3,536
3,827
1.9
1.9
5.5
6.7
5.7
4.7
0.5
0.4
7.8
8.8
Yes Bank
Neutral
850
35,737
7,190
9,011
3.2
3.3
58.2
69.7
14.6
12.2
2.6
2.2
19.2
19.6
FMCG
Asian Paints
Neutral
852
81,748
16,553
19,160
16.0
16.2
17.7
21.5
48.2
39.6
12.8
11.5
29.4
31.2
4.8
4.1
Britannia
Neutral
2,686
32,226
8,481
9,795
14.0
14.1
65.5
78.3
41.0
34.3
19.4
15.9
38.3
41.2
3.7
3.2
www.angelbroking.com
Stock Watch
April 11, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY16E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Colgate
Neutral
819
22,287
4,836
5,490
19.5
19.7
48.5
53.2
16.9
15.4
12.4
10.8
99.8
97.5
4.5
4.0
Dabur India
Accumulate
250
267
43,935
9,370
10,265
17.1
17.2
7.3
8.1
34.1
30.8
10.3
8.4
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
5,981
25,154
4,919
5,742
17.2
17.4
168.3
191.2
35.5
31.3
10.1
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,374
46,781
10,168
12,886
16.1
16.1
32.1
38.4
42.8
35.8
8.7
8.0
19.7
21.0
4.7
3.7
HUL
Neutral
850
183,935
34,940
38,957
17.5
17.7
20.8
24.7
40.9
34.4
45.5
36.3
110.5
114.2
5.1
4.5
ITC
Accumulate
321
359
258,597
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
252
32,538
6,551
7,766
15.7
16.0
10.4
12.5
24.3
20.2
7.1
5.9
33.2
32.4
4.9
4.1
Nestle*
Accumulate
5,962
6,646
57,486
11,291
12,847
22.2
22.3
158.9
184.6
37.5
32.3
19.6
17.6
55.0
57.3
4.9
4.3
Tata Global
Buy
118
144
7,428
8,635
9,072
9.8
9.9
6.5
7.6
18.1
15.5
1.8
1.7
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
832
1,038
117,301
42,038
47,503
21.2
21.5
51.5
57.7
16.2
14.4
3.5
2.7
21.5
18.8
2.4
1.9
Infosys
Buy
1,167
1,347
269,009
61,850
69,981
27.5
27.5
59.4
65.7
19.7
17.8
4.2
3.6
21.2
20.1
3.6
3.1
TCS
Buy
2,429
2,854
28.3
28.5
122.8
138.4
19.8
17.6
7.5
6.8
38.0
38.9
4.0
3.5
Tech Mahindra
Buy
456
530
44,127
26,524
29,177
16.2
17.0
28.8
33.6
15.8
13.6
3.1
2.6
19.3
19.1
1.4
1.2
Wipro
Buy
547
680
135,123
50,808
56,189
23.7
23.8
37.3
40.7
14.7
13.4
2.8
2.6
19.2
17.7
2.1
1.8
D B Corp
Buy
309
356
5,678
2,241
2,495
27.8
27.9
21.8
25.6
14.2
12.1
3.7
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
76
1,769
2,495
2,603
11.2
11.2
7.3
8.6
10.4
8.8
0.8
0.7
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
157
189
5,129
2,170
2,355
27.2
26.2
8.9
9.9
17.6
15.9
3.7
3.2
20.9
20.5
2.3
2.1
Sun TV Network
Hindustan Media
Ventures
Metals & Mining
Neutral
356
14,025
2,779
3,196
70.2
70.5
22.8
27.3
15.6
13.0
3.9
3.5
26.7
28.3
4.8
4.2
Neutral
250
1,836
920
1,031
20.0
20.0
19.2
20.9
13.0
12.0
2.1
1.8
16.4
15.3
1.5
1.3
Coal India
Buy
281
380
177,174
76,167
84,130
19.9
22.3
22.4
25.8
12.5
10.9
4.5
4.4
35.5
41.0
1.7
1.5
Hind. Zinc
Accumulate
160
175
67,690
14,641
14,026
50.4
50.4
17.7
16.0
9.1
10.0
1.4
1.3
16.2
13.2
2.2
2.1
Hindalco
Neutral
88
8.7
9.5
6.7
11.1
13.1
7.9
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,273
30,781
42,308
45,147
16.4
20.7
(10.3)
49.5
25.7
1.4
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
102
40,420
8,237
10,893
46.6
44.5
10.0
11.7
10.3
8.7
1.1
1.0
12.5
13.0
4.7
3.6
SAIL
Neutral
43
17,615
45,915
53,954
7.2
10.5
1.5
4.4
28.3
9.7
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
87
25,926
71,445
81,910
26.2
26.3
12.9
19.2
6.8
4.6
0.5
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
322
8.9
11.3
6.4
23.1
50.7
14.0
1.0
1.0
2.0
7.1
0.8
0.8
Cairn India
Neutral
149
27,917
11,323
12,490
49.4
51.0
20.7
20.7
7.2
7.2
0.5
0.4
6.4
6.1
1.5
0.9
GAIL
Neutral
348
44,156
64,856
70,933
9.1
9.6
24.0
28.9
14.5
12.1
1.2
1.2
8.8
9.6
0.9
0.8
Media
www.angelbroking.com
Stock Watch
April 11, 2016
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
PER(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Neutral
206
Petronet LNG
Neutral
240
36.8
37.4
28.6
32.5
7.2
6.3
0.9
0.8
12.7
13.5
1.3
1.3
31,188
5.8
6.2
12.8
13.4
18.8
17.9
2.8
2.5
15.8
14.8
0.7
Accumulate
413
0.6
455
5.9
6.1
42.5
48.7
9.7
8.5
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
1,038
1,150
12.6
13.4
91.3
102.6
11.4
10.1
1.3
1.2
11.8
12.0
1.0
0.9
18,008
29,691
Pharmaceuticals
Alembic Pharma
Neutral
553
10,423
3,274
3,802
26.9
19.4
35.0
28.7
15.8
19.3
7.0
5.3
55.6
31.2
3.2
2.6
Aurobindo Pharma
Accumulate
757
856
44,324
14,923
17,162
22.0
23.0
35.7
42.8
21.2
17.7
6.2
4.7
34.0
30.2
3.3
2.9
Aventis*
Neutral
4,363
10,047
2,082
2,371
17.4
20.8
118.2
151.5
36.9
28.8
5.4
4.3
19.9
25.5
4.5
3.7
Cadila Healthcare
Accumulate
321
352
32,826
10,224
11,840
21.0
22.0
14.6
17.6
22.0
18.2
6.0
4.7
30.8
29.0
3.3
2.7
Cipla
Buy
506
605
40,615
13,979
16,447
20.2
18.6
25.7
27.5
19.7
18.4
3.2
2.8
17.6
16.1
2.9
2.4
Dr Reddy's
Buy
3,036
3,933
51,771
16,838
19,575
25.0
23.1
167.5
178.8
18.1
17.0
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
333
2,688
1,733
1,906
21.5
21.5
17.0
19.9
19.6
16.7
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,680
31,169
2,870
3,158
20.0
22.1
59.5
68.3
61.8
53.9
18.2
18.8
28.5
34.3
10.4
9.5
Indoco Remedies
Neutral
273
2,516
1,033
1,199
15.9
18.2
9.4
13.6
29.0
20.1
4.3
3.7
15.7
19.7
2.5
2.2
Ipca labs
Buy
Lupin
Neutral
Sun Pharma
Buy
499
900
6,300
3,363
3,909
12.9
18.6
13.4
28.0
37.3
17.8
2.7
2.3
7.4
14.0
2.2
1.9
1,541
69,424
13,092
16,561
25.0
27.0
50.4
68.3
30.6
22.6
6.3
5.0
22.8
24.7
5.0
3.8
812
950
195,373
28,163
32,610
25.8
30.7
17.4
26.9
46.7
30.2
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
66
17,796
35,923
37,402
22.6
22.8
4.1
5.2
16.2
12.8
1.2
1.2
7.5
9.3
1.4
1.3
NTPC
Accumulate
132
146
108,469
87,271
99,297
23.5
23.5
11.8
13.3
11.2
9.9
1.3
1.2
11.5
12.2
2.3
2.0
Power Grid
Buy
141
170
73,713
20,702
23,361
86.7
86.4
12.1
13.2
11.7
10.7
1.7
1.5
15.6
15.1
8.5
7.9
Buy
445
554
1,826
697
1,011
14.9
19.3
13.8
20.1
32.3
22.1
1.2
1.2
3.8
5.3
3.9
2.7
Bharti Airtel
Neutral
334
32.1
31.7
12.0
12.5
27.9
26.7
1.9
1.8
6.9
6.7
1.9
1.8
Idea Cellular
Neutral
109
39,210
34,282
36,941
32.0
31.5
5.9
6.2
18.5
17.6
1.7
1.5
9.9
9.3
1.7
1.6
Abbott India
Neutral
4,659
9,901
2,715
3,153
14.5
14.1
134.3
152.2
34.7
30.6
8.7
7.1
27.4
25.6
3.4
2.8
Bajaj Electricals
Accumulate
214
237
2,162
4,719
5,287
5.2
5.8
8.6
12.7
25.0
16.9
2.9
2.5
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
281
4,304
2,520
2,883
12.2
12.0
12.7
14.2
22.2
19.8
3.0
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Buy
491
582
1,133
1,800
1,600
11.7
11.5
58.7
52.9
8.4
9.3
1.9
1.6
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,175
3,194
1,779
2,081
7.8
8.8
21.8
33.4
53.9
35.1
8.7
7.0
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
298
5,397
1,620
1,847
11.5
11.5
7.3
8.5
40.9
35.2
5.3
4.9
13.3
14.4
3.2
2.7
MRF
Buy
35,460
45,575
15,039
20,316
14,488
21.4
6.5
9.3
2.2
1.8
41.1
21.2
0.7
0.9
Real Estate
MLIFE
Telecom
zOthers
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Stock Watch
April 11, 2016
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
Page Industries
Neutral
12,833
14,314
1,929
2,450
19.8
20.1
229.9
299.0
55.8
42.9
24.6
17.1
52.1
47.1
7.5
5.8
Relaxo Footwears
Neutral
471
5,651
1,767
2,152
12.3
12.5
19.3
25.1
24.5
18.8
6.0
4.6
27.7
27.8
3.3
2.6
Buy
1,002
1,354
939
1,636
1,815
11.5
11.5
89.9
104.1
11.1
9.6
1.8
1.6
17.9
17.8
0.7
0.7
Neutral
TVS Srichakra
Buy
577
1,015
1,271
1,440
8.6
9.2
32.0
41.1
18.0
14.1
1.8
1.7
10.7
12.4
0.8
0.7
2,496
3,217
1,911
2,035
2,252
15.9
15.3
248.6
268.1
10.0
9.3
4.4
3.2
43.6
33.9
1.0
0.8
HSIL
Neutral
Kirloskar Engines India
Neutral
Ltd
M M Forgings
Buy
299
2,160
2,123
2,384
16.1
16.5
15.0
18.9
19.9
15.8
1.5
1.4
8.0
9.4
1.4
1.2
236
3,406
2,403
2,554
8.6
9.9
9.2
10.5
25.6
22.5
2.5
2.4
9.7
10.7
1.1
1.0
450
614
543
511
615
21.7
21.6
43.1
55.8
10.4
8.1
1.9
1.6
19.9
21.2
1.3
1.0
113
805
1,208
1,353
11.0
12.3
10.8
14.5
10.4
7.8
1.2
1.1
11.9
14.5
0.6
0.5
Neutral
145
89
1,040
1,137
3.2
3.1
25.7
28.0
5.6
5.2
0.8
0.7
15.0
14.3
0.1
0.1
Neutral
1,275
1,903
1,871
2,031
10.7
10.5
63.2
69.8
20.2
18.3
3.3
2.8
17.6
16.6
1.1
0.9
Visaka Industries
Buy
Transport Corporation of
Neutral
India
Elecon Engineering
Neutral
115
144
183
1,086
1,197
9.9
10.3
21.5
28.8
5.4
4.0
0.5
0.5
9.6
11.6
0.4
0.3
274
2,084
2,830
3,350
8.8
9.0
14.4
18.3
19.1
15.0
2.9
2.6
15.4
17.1
0.9
0.7
62
676
1,359
1,482
10.3
13.7
0.8
3.9
77.3
15.9
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
143
201
628
2,992
3,223
8.1
8.4
14.7
18.3
9.8
7.8
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
175
695
286
366
18.3
17.7
7.7
9.4
22.6
18.6
4.8
4.2
20.2
21.1
2.3
1.8
Radico Khaitan
Buy
95
156
1,261
1,517
1,635
12.7
13.4
5.8
7.1
16.3
13.3
1.4
1.3
8.6
9.6
1.3
1.2
Buy
330
473
722
862
974
11.2
11.2
24.9
29.6
13.3
11.2
2.0
1.7
15.1
15.4
0.8
0.7
Wonderla Holidays
Neutral
376
2,123
206
308
44.0
43.6
9.0
12.9
41.8
29.1
5.7
5.2
13.7
17.8
10.2
6.8
Neutral
190
281
340
371
8.3
8.9
10.8
13.2
17.6
14.4
2.8
2.5
16.0
17.1
0.9
0.8
Neutral
154
618
222
287
20.5
20.5
5.6
7.6
27.3
20.4
5.2
4.2
18.9
20.8
2.8
2.2
Interglobe Aviation
Coffee Day Enterprises
Ltd
Navneet Education
Neutral
954
34,389
17,022
21,122
20.7
14.5
63.9
53.7
14.9
17.8
22.4
18.3
149.9
103.2
2.1
1.6
Neutral
235
4,834
2,692
2,964
17.0
18.6
4.7
49.5
2.9
2.7
0.2
5.5
2.2
2.0
84
2,009
998
1,062
24.1
24.0
5.8
6.1
14.7
13.9
3.2
2.9
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
179
265
2,553
365
436
38.3
37.5
5.6
5.9
31.8
30.5
2.0
1.9
6.3
6.1
7.8
6.7
UFO Moviez
Neutral
470
1,292
558
619
32.0
33.2
22.5
30.0
20.9
15.7
2.5
2.2
12.0
13.8
2.2
1.8
VRL Logistics
Neutral
379
3,455
1,725
1,902
16.5
16.7
12.2
14.6
31.1
26.0
6.5
5.7
20.8
21.9
2.2
1.9
Neutral
881
1,506
2,565
3,229
1.3
1.5
15.2
22.8
58.0
38.7
4.6
4.1
8.0
10.7
0.5
0.4
Neutral
236
3,410
928
1,036
15.3
15.1
4.9
6.1
47.8
38.6
4.5
4.1
9.4
10.7
3.6
3.2
Nilkamal
Neutral
www.angelbroking.com
Stock Watch
April 11, 2016
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
PER(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
Quick Heal
Neutral
215
1,508
339
408
27.8
27.3
7.1
7.7
30.5
27.8
2.6
2.6
8.5
9.3
3.4
2.8
Narayana Hrudaya
Neutral
295
6,018
1,603
1,873
10.9
11.5
1.0
2.6
309.1
111.3
7.4
6.8
2.4
6.1
3.9
3.3
Manpasand Bever.
Neutral
458
2,291
540
836
19.9
19.6
10.2
16.9
44.7
27.1
3.6
3.3
8.1
12.0
3.9
2.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 08, 2016
www.angelbroking.com
Market Outlook
April 11, 2016
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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