Market Outlook. Market Cues. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. May 11, 2016

Transcription

1 6.( Market Cues Indian markets are expected to open on a negative note tracking the SGX Nifty. There could be some knee jerk reaction after the news that India and Mauritius has signed the Double Taxation Avoidance Agreement, under which capital gains earned by Mauritian entity will be taxable In India at the full domestic tax rate from FY19-20 onwards. The S&P 500 and Dow industrials steadily climbed to session highs Tuesday, to end with their best one-day percentage gains in two months as oil prices rallied. The Dow Jones Industrial Average DJIA, +1.26% surged 222 points, or 1.3%, to 17,928. The percentage gain in both the S&P 500 and Dow industrials was their biggest since March 11. Meanwhile, the Nasdaq Composite Index COMP, +1.26% climbed points, or 1.3%, to 4,809.88, its biggest one-day gain in a month. European stocks moved up Tuesday as gains for Credit Suisse AG and Volkswagen AG shares and an important breakthrough on the Greek debt crisis allowed investors to set aside disappointing economic data. After Monday s Bull Run, Indian markets consolidated with a modest gain and NIFTY and Sensex ended with a gain of 22 points and 84 points respectively. Though Banks and IT stocks witnessed buying interest, while metals and energy stocks remained weak. News & Result Analysis Result Review: Radico Khaitan; Visaka Industries Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg5 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Auto & Auto Ancillary Accumulate 952 1, HCL Tech IT Buy 720 1, LIC Housing Financials Buy Bharat Electronics Capital Goods Buy 1,169 1, Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations May 11 China Consumer Price Index May 12 US Initial Jobless claims May 12 Euro zone Euro zone GDP (QoQ) (0.60) (0.60) May 12 India Industrial Production YoY More Events on Pg5 Domestic Indices Chg (Pts) (Close) BSE Sensex ,773 Nifty ,887 Mid Cap ,124 Small Cap ,042 Bankex Global Indices Chg (Pts) (Close) Dow Jones ,928 Nasdaq FTSE Nikkei ,565 Hang Seng ,242 Shanghai Com ,833 Advances / Declines BSE NSE Advances 1, Declines Unchanged Volumes (` Cr) BSE 2,350 NSE 16,384 Net Inflows (` Cr) Net Mtd Ytd FII 295 (273) 11,517 MFs ,985 Top Gainers Price (`) Chg Naukri KSCL Redington Enginersin Cadilahc Top Losers Price (`) Chg Justdial 39 (5.08) JPAssociat 7 (4.05) Aloktext 4 (3.94) Muthootfin 207 (3.77) Tatamotors 389 (3.58) As on May 10, 2016

2 Radico Khaitan (CMP:92 /Target Price:156 /Upside 69% ) For 4QFY2016, Radico Khaitan outperformed our estimates on the top-line front although the bottom-line came in flat YoY. Revenues rose to ~INR 378cr, which is higher than our estimate of INR 351cr on the back of healthy volume growth. On the operating front, the company s margin improved by 61bp YoY to 10.3%, primarily on account of lower selling & distribution expenses and other expenditure. However, raw material cost increased 331bp yoy. The company reported net profit of INR14.8cr (which was flat growth YoY) on account of higher taxes. The company has not performed well in the last two years due to increasing raw material costs (ENA is a key raw material) and with it not receiving significant price hikes from various states. We expect the company to perform well going forward in anticipation of better price hikes & healthy sales growth in premium products. This would result in an overall improvement in the operating margin of the company. We currently have positive view on Radico Khaitan. Visaka Industries For 4QFY2016, Visaka Industries posted a muted set of numbers. The top-line for the quarter declined by 3.3% yoy to INR 276cr which can be attributed to lower volumes and realization from sale of asbestos cement products (building products), and decline in realization for the synthetic yarn segment. On the operating front, the EBITDA margin expanded by 60bp yoy to 10.0% on account of lower other expenses. Aided by lower interest and depreciation expense, the adj. net profit grew by 63.6% yoy to INR 10cr. The building products segment revenue declined by 3.3% yoy to INR 229cr while the synthetic yarn segment revenue was flat on yoy basis at INR 45cr. However, the EBIT margin of building products segment expanded by 123bp yoy to 8.1% while the synthetic yarn segment margin were flat at 13.5%. The company has experienced marginal de-growth of 1.6% in revenue for FY2016 as poor rural sentiment has impacted overall demand for its building products segment. We believe that the performance of the segment will likely remain under pressure in the near term. Moreover, the Synthetic Yarn business is performing well which in the longer run should benefit from rise in textile exports. We maintain our Buy recommendation on the stock and will revise out target price post management interaction. Economic and Political News Maharastra to soon launch Rs 1 lakh cr projects in Mumbai. AC, Refrigerators sales hit 5 year high in March,2016 Fresh Capital to PSU banks to be linked to performance Corporate News JSW Steel joins race to buy Tata Steel s UK business. Yes Bank seeks shareholders approvals for raising Rs 16,500 cr Dena Bank targets 15% credit growth in FY17

3 Quarterly Bloomberg Brokers Consensus Estimate Asian Paints Ltd. Consol - Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 3,860 3, ,103 (5.9) EBITDA (13.7) EBITDA margin Net profit (15.5) Kotak Mahindra Bank Ltd. - Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY15 q-o-q Net profit (29.1) Dr. Reddy s Laboratories Ltd. Consol - May 12, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 3,981 3, , EBITDA EBITDA margin Net profit (0.5) Nestle India Ltd. Consol - May 12, 2016 Particulars (` cr) 1QCY16E 1QCY15 y-o-y 4QCY15 q-o-q Net sales 2,161 2,507 (13.8) 1, EBITDA (25.6) EBITDA margin Net profit (19.4) Glenmark Pharmaceuticals Ltd. Consol - May 12, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 1,889 1, , EBITDA EBITDA margin Net profit

4 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 16, , Bharat Electronics 28,060 1,169 1, HCL Tech 1,01, , HDFC Bank 2,89,521 1,145 1, Infosys 2,79,425 1,213 1, LIC Housing Finance 23, NBCC 11, , Source: Company, Angel Research 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) CMP (`) Target (`) Upside Blue Star 3, Dewan Housing 5, IL&FS Transport 2, Jagran Prakashan 5, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 1,002 1,069 1, Source: Company, Angel Research 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.

5 Key Upcoming Events Result Calendar Date May 12, 2016 May 13, 2016 May 14, 2016 May 16, 2016 May 17, 2016 Company Apollo Tyres, Kotak Mah. Bank, Indian Bank, Oriental Bank, South Ind.Bank, Asian Paints, TVS Srichakra, Quick Heal Vijaya Bank, Bank of Maharashtra, Nestle, ITD Cementation, Dr Reddy's, Glenmark Pharma. Bank of Baroda, Allahabad Bank, Central Bank, UCO Bank, Dena Bank, Indraprasth Gas, Cadila Healthcare Electrosteel Castings, Relaxo JK Tyre, Styrolution Motherson Sumi, Bharat Forge, Syndicate Bank, GlaxoSmith Con Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated 7:00AM China Consumer Price Index (YoY) % Change Apr May 12, :00PM US Initial Jobless claims Thousands May :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P :30PM India Industrial Production YoY % Change Mar May 13, :30PM UK BOE Announces rates % Ratio May US Producer Price Index (mom) % Change Apr :30AM Germany GDP nsa (YoY) % Change 1Q P May 14, :00AM China Industrial Production (YoY) % Change Apr May 16, :00PM India Monthly Wholesale Prices YoY% % Change Apr (0.85) -- May 17, :00PM UK CPI (YoY) % Change Apr Source: Bloomberg, Angel Research

6 h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY (2.0) (4.0) (6.0) Apr-15 May Jun-15 Jul Aug Sep Oct-15 (3.4) Nov-15 (1.2) (1.5) Dec-15 Jan Feb-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 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 Apr-16 Source: MOSPI, Angel Research Source: Market, Angel Research; Note: Level above 50 indicates expansion Exhibit 5: Exports and imports growth trends Exhibit 6: Key policy rates 0.0 (5.0) (10.0) (15.0) (20.0) (25.0) (30.0) (35.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Jun-15 Jun-15 Jul-15 Jul-15 Aug-15 Aug-15 Aug-15 Sep-15 Sep-15 Oct-15 Oct-15 Nov-15 Nov-15 Dec-15 Dec-15 Jan-16 Jan-16 Feb-16 Feb-16 Feb-16 Mar-16 Mar-16 Apr-16 Apr-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil Russia (3.8) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) (8.0) (5.9) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (3.8) (1.8) (2.0) (4.0) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research

8 h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 53, (7.5) Russia Micex 1, India Nifty 7, (5.2) China Shanghai Composite 2,833 (5.2) 2.9 (36.8) South Africa Top 40 45, (4.2) Mexico Mexbol 45, Indonesia LQ (2.7) 1.1 (9.5) Malaysia KLCI 1,636 (5.1) (1.6) (10.5) Thailand SET (2.9) 6.9 (13.7) USA Dow Jones 17, (0.8) UK FTSE 6, (11.4) Japan Nikkei 16, (6.7) (17.3) Germany DAX 10, (13.1) France CAC 4, (15.2) Source: Bloomberg, Angel Research

9 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 Agri / Agri Chemical Rallis Neutral 197-3,837 1,612 1, United Phosphorus Buy ,256 13,083 15, Auto & Auto Ancillary Ashok Leyland Accumulate ,867 17,995 21, Bajaj Auto Neutral 2,533-73,291 22,709 25, Bharat Forge Accumulate ,289 7,351 8, Eicher Motors Neutral 20,256-55,017 15,556 16, Gabriel India Accumulate ,291 1,415 1, Hero Motocorp Neutral 2,962-59,145 28,244 30, Jamna Auto Industries Accumulate ,137 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,350-83,872 38,416 42, Maruti Neutral 3, ,209 57,865 68, Minda Industries Neutral 1,054-1,671 2,523 2, Motherson Sumi Buy ,459 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,167 11,263 13, Amara Raja Batteries Accumulate 952 1,076 16,262 4,892 5, Exide Industries Accumulate ,572 6,950 7, Apollo Tyres Buy ,755 12,056 12, Ceat Accumulate 1,015 1,119 4,105 6,041 6, JK Tyres Neutral 84-1,900 7,446 7, Swaraj Engines Neutral 1,106-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 916 1,157 3,814 3,277 4, Bharat Electronics Buy 1,169 1,414 28,060 7,737 8,

10 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 Accumulate ,168 5,363 5, BGR Energy Neutral ,615 3, BHEL Neutral ,488 33,722 35, Blue Star Accumulate ,872 3,548 3, Crompton Greaves Neutral 61-3,811 13,484 14, Greaves Cotton Neutral 141-3,432 1,655 1, Inox Wind Buy ,383 4,406 5, KEC International Neutral 128-3,288 8,791 9, Thermax Neutral 763-9,088 6,413 7, VATech Wabag Neutral 576-3,137 2,722 3, Cement ACC Neutral 1,460-27,411 13,151 14, Ambuja Cements Neutral ,243 11,564 12, HeidelbergCement Neutral 101-2,285 1,772 1, India Cements Neutral 90-2,772 4,216 4, JK Cement Accumulate ,957 3,661 4, J K Lakshmi Cement Neutral 338-3,973 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 150-3,069 1,854 2, Ramco Cements Neutral ,904 4,036 4, Shree Cement^ Neutral 12,948-45,108 7,150 8, UltraTech Cement Neutral 3,172-87,052 24,669 29, Construction ITNL Buy ,385 7,360 8, KNR Constructions Buy , , Larsen & Toubro Neutral 1, ,872 58,870 65, Gujarat Pipavav Port Neutral 162-7, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 79-4,370 7,892 8, PNC Infratech Neutral 542-2,780 1,873 2, Simplex Infra Neutral 264-1,306 5,955 6,

11 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 ,539 1, Sadbhav Engineering Accumulate ,625 3,186 3, NBCC Accumulate 973 1,089 11,672 5,816 7, MEP Infra Neutral ,956 1, SIPL Neutral 99-3, , Engineers India Neutral 181-6,107 1,667 1, Financials Allahabad Bank Neutral 55-3,376 8,569 9, Axis Bank Neutral ,339 26,204 29, Bank of Baroda Neutral ,256 18,802 21, (7.4) (4.2) Bank of India Neutral 89-7,271 15,972 17, Canara Bank Neutral ,510 15,441 16, Dena Bank Neutral 29-1,961 3,440 3, Dewan Housing Finance Buy ,837 1,828 2, Federal Bank Neutral 49-8,418 3,279 3, HDFC Neutral 1, ,504 10,358 11, HDFC Bank Accumulate 1,145 1, ,521 38,606 47, ICICI Bank Accumulate ,132 34,279 39, IDBI Bank Neutral 69-14,247 9,625 10, Indian Bank Neutral 94-4,505 6,160 6, LIC Housing Finance Buy ,270 3,179 3, Oriental Bank Neutral 87-2,807 7,643 8, Punjab Natl.Bank Neutral 83-16,219 23,122 26, South Ind.Bank Neutral 18-2,424 1,965 2, St Bk of India Neutral ,949 79,958 86, Union Bank Neutral 121-8,308 12,646 14, Vijaya Bank Neutral 32-2,942 3,536 3, Yes Bank Neutral ,963 7,190 9, FMCG Asian Paints Neutral ,198 16,553 19, Britannia Neutral 2,821-33,840 8,481 9,

12 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) FMCG ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Colgate Neutral ,998 4,136 4, Dabur India Neutral ,165 9,370 10, GlaxoSmith Con* Neutral 5,898-24,802 4,519 5, Godrej Consumer Neutral 1,382-47,069 9,003 10, HUL Neutral ,629 33,299 35, ITC Accumulate ,166 36,804 38, Marico Neutral ,254 6,151 6, Nestle* Neutral 5,523-53,251 9,393 10, Tata Global Buy ,457 8,635 9, Procter & Gamble Hygiene Buy 6,356 7,369 20,631 2,588 2, IT HCL Tech^ Buy 720 1, ,560 42,038 47, Infosys Accumulate 1,213 1, ,425 62,441 70, TCS Buy 2,524 3, , , , Tech Mahindra Accumulate ,865 26,524 29, Wipro Buy ,073 50,808 56, Media D B Corp Accumulate ,988 2,025 2, HT Media Neutral 87-2,027 2,495 2, Jagran Prakashan Buy ,536 2,170 2, Sun TV Network Neutral ,234 2,510 2, Hindustan Media Ventures Neutral 269-1, , Metals & Mining Coal India Buy ,143 76,167 84, Hind. Zinc Accumulate ,225 14,641 14, Hindalco Neutral 90-18, , , JSW Steel Neutral 1,288-31,139 42,308 45, (10.3) (1.0) NMDC Neutral 92-36,654 8,237 10, SAIL Neutral 42-17,512 45,915 53, Vedanta Neutral ,869 71,445 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,283 11,323 12,

13 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 ,547 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,726 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Buy 981 1, , , , Pharmaceuticals Alembic Pharma Neutral ,155 3,274 3, Aurobindo Pharma Accumulate ,700 14,923 17, Aventis* Accumulate 4,348 4,738 10,013 2,049 2, Cadila Healthcare Accumulate ,121 10,224 11, Cipla Accumulate ,134 13,979 16, Dr Reddy's Buy 2,928 3,933 49,940 16,838 19, Dishman Pharma Neutral 158-2,557 1,733 1, GSK Pharma* Neutral 3,529-29,894 2,870 3, Indoco Remedies Neutral 264-2,430 1,033 1, Ipca labs Buy ,955 3,363 3, Lupin Neutral 1,615-72,774 13,092 16, Sun Pharma Buy ,111 28,163 32, Power Tata Power Neutral 73-19,609 35,923 37, NTPC Neutral ,972 87,271 99, Power Grid Buy ,079 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,650 34,282 36, zothers Abbott India Neutral 4,636-9,850 2,715 3, Bajaj Electricals Neutral 232-2,340 4,719 5, Finolex Cables Neutral 290-4,430 2,520 2, Goodyear India* Buy ,159 1,800 1, Hitachi Neutral 1,388-3,774 1,779 2, Jyothy Laboratories Neutral 310-5,615 1,620 1,

14 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) zothers ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E MRF Buy 33,338 45,575 14,139 20,316 14, , , Page Industries Neutral 12,945-14,439 1,929 2, Relaxo Footwears Neutral 502-6,026 1,767 2, Siyaram Silk Mills Buy 1,069 1,354 1,002 1,636 1, Styrolution ABS India* Neutral 614-1,080 1,271 1, TVS Srichakra Buy 2,420 3,217 1,853 2,035 2, HSIL Neutral 309-2,233 2,123 2, Kirloskar Engines India Ltd Neutral 232-3,362 2,403 2, M M Forgings Buy Banco Products (India) Neutral ,208 1, Competent Automobiles Neutral ,040 1, Nilkamal Neutral 1,230-1,836 1,871 2, Visaka Industries Buy ,020 1, Transport Corporation of Neutral 265-2,019 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,224 1,517 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 381-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral 1,075-38,731 17,022 21, Coffee Day Enterprises Ltd Neutral 266-5,476 2,692 2, Navneet Education Neutral 89-2, , Navkar Corporation Buy , UFO Moviez Neutral 537-1, VRL Logistics Neutral 394-3,593 1,725 1, Team Lease Serv. Neutral 885-1,512 2,565 3,

15 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 225-3, , Quick Heal Neutral 272-1, Narayana Hrudaya Neutral 299-6,104 1,603 1, Manpasand Bever. Neutral 514-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 10, 2016

16 Research Team Tel: Website: DISCLAIMER Angel Broking Private Limited (hereinafter referred to as Angel ) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India Limited. It is also registered as a Depository Participant with CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co -managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst. This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.