Market Outlook. Market Cues. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. May 13, 2016

Transcription

1 6.( Market Cues Indian markets are expected to open in negative zone tracking SGX Nifty. Concerns about slowing sales at Apple dragged the company's share price down 2.4% on Thursday, causing losses on the wider Nasdaq index. Dow Jones Industrial Average gained 0.1% on the back off of gains in oil prices. Exxon Mobile and Chevron shares both climbed 1%, while the price of a barrel of US crude rose by 0.6% to $ London's FTSE 100 dipped in afternoon trading, with mining stocks dragging the index down. The downturn reversed an earlier rise in the wake of the Bank of England's inflation report and decision to leave interest rates unchanged. Anglo American led the losers list, down 6.9%, while Antofagasta and Glencore fell by 4.6% and 4.2% respectively. After the initial negative reaction on Wednesday s trade, over amendments to the Mauritius Double Tax Avoidance Agreement (DTAA), Indian markets ended the day in green. We sense positive news flow on the monsoon front to cheer up the market investors. Banks, Auto, IT and Metals lead the market rally. ICICI Bank, Asian Paints, SBI & TCS were amongst major gainers in Sensex. News Analysis Avg. launch price of Affordable homes in Mumbai fall 36% IIP rises 0.1% in March against 1.9% in February 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 949 1, HCL Tech IT Buy 716 1, LIC Housing Financials Buy Bharat Electronics Capital Goods Buy 1,160 1, Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations May 13 India Imports YoY% (21.56) -- May 13 Germany German GDP (QoQ) (Q1) 0.3% 0.6% May 13 USA Retail Sales (MoM) (April) (0.4%) 0.8% May 14 China Industrial Production (YoY) (Apr) 6.8% 6.5% More Events on Pg5 Domestic Indices Chg (Pts) (Close) BSE Sensex ,790 Nifty ,900 Mid Cap ,221 Small Cap ,141 Bankex ,281 Global Indices Chg (Pts) (Close) Dow Jones ,721 Nasdaq (0.5) (23) 4,737 FTSE (0.9) (58) 6,104 Nikkei ,646 Hang Seng (0.7) (140) 19,915 Shanghai Com (0.0) (1) 2,836 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 2,651 NSE 15,781 Net Inflows (` Cr) Net Mtd Ytd FII (324) (213) 11,577 MFs 1,583 2,439 5,035 Top Gainers Price (`) Chg Monsanto 2, Amtekauto Abirlanuvo Eclerx 1, Sci Top Losers Price (`) Chg Indianb 86 (4.6) Fsl 40 (4.4) Syndibank 68 (3.7) Srf 1,385 (3.6) Mrpl 70 (3.2) As on May 12, 2016

2 Avg. launch price of Affordable homes in Mumbai fall 36% As per Cushman & Wakefield report, Average launch price of affordable homes in Mumbai, declined 36% in first quarter of 2016 from two years ago to ~`4,300/ sq. ft. Given that affordable housing is a highly price sensitive segment, in order to increase sales velocity, developers are resorting to offer smaller sized residential units. Average size of affordable homes in Mumbai was at ~850 sq. ft., reflecting 11% decline during last 2 years. In the current quarter, Mumbai market witnessed 5,360 units being launched, accounting for 17% of total launches in top 8 cities. This further represents 35% yoy increase in the March ended quarter. Mid-segment accounted for majority of Mumbai launches, driven by launches seen across Eastern suburbs, Thane & Navi Mumbai. During the quarter, the affordable segment accounted for only 5% of total launches in the city. In addition to the Mumbai markets, Average launch prices across all major cities too declined, thereby making new projects cheaper than those launched in last months time period. Affordable homes launch prices declined 25%/10%/5% in Pune/ Delhi-National Capital Region/ Kolkata, respectively. Pune witnessed 24% yoy increase in average size of apartments launched during the March quarter, thereby impacting average ticket size of new launches. Developers in Delhi-NCR market have focused on affordable housing segment, as 41% of total launches (1,855 units) during the quarter were from Affordable housing segment. This segment reported 67% yoy increase in the new launches. We expect companies with fast portfolio churns, wide geographical presence and diversified portfolio of Affordable and Mid-segment housing should benefit the most. Within the Real Estate space, we expect Mahindra Life space to be one of the beneficiaries of this green shoots seen. We maintain BUY on Mahindra Life space with price target of `554. IIP rises 0.1% in March against 1.9% in February India s factory output grew for the second straight month, albeit marginally. The Index of Industrial Production (IIP) rose 0.1% in March against 1.9% in February. Factory output has grown for last 2 consecutive months, after witnessing contraction for 3 consecutive months. Industrial activity is showing some signs of pick-up, recovery continues to be volatile, as indicated by this data released. While, Mining & manufacturing contracted by 0.1% & 1.2%, respectively, in March, Electricity grew by 11.3%. Retail inflation in April accelerated to 5.39% from 4.83% in March, as Food inflation rose to 6.21% from 5.39% in the previous month. Food prices rose mainly on account of 34% jump in the pulses prices.

3 Economic and Political News SEBI mulls tougher P-Note rules to curb black money in D-Street 5/20 rule for airlines: Key ministries support abolition Steel min seeks similar freight for iron ore, coal Corporate News Cairn gives Vedanta 2 more years to pay back $1.25-bn loan Lender's to Alok Industries hunt O&M agency R-Power s plea to mortgage Sasan coal blocks rejected Reliance to rebrand some digital stores for Jio push Quarterly Bloomberg Brokers Consensus Estimate Cadila Healthcare Ltd. - Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 2,502 2, , EBITDA (2) EBITDA margin Net profit (0.8) Bank of Baroda - Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net profit (54.5) (3,342) United Breweries Ltd. - Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 1,290 1, , EBITDA (1.2) EBITDA margin Net profit (5.0) Union Bank of India - Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net profit (57.8)

4 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 16, , Bharat Electronics 27,841 1,160 1, HCL Tech 100, , HDFC Bank 290,837 1,150 1, Infosys 278,884 1,210 1, LIC Housing Finance 23, NBCC 11, , Source: Company, AngelResearch 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 1,034 1,104 1, Source: Company, AngelResearch 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 14, 2016 May 16, 2016 May 17, 2016 May 18, 2016 May 19, 2016 May 20, 2016 May 20, 2016 May 23, 2016 May 24, 2016 May 25, 2016 May 26, 2016 May 27, 2016 May 28, 2016 May 30, 2016 Company Bank of Baroda, Union Bank, Allahabad Bank, Central Bank, UCO Bank, Dena Bank, Indraprasth Gas, Cadila Healthcare Electrosteel Castings, Relaxo, Nilkamal JK Tyre, Petronet LNG, Styrolution Motherson Sumi, Bharat Forge, Syndicate Bank, GlaxoSmith Con, MT Educare J K Lakshmi Cements, Punjab Natl.Bank, JSW Steel, Kirloskar Engines India Ltd, PTC India GSPL, Lupin, Dishman Pharma, CESC Ramco Cements, ITC, Britannia, Siyaram Silk Mills, Sterling Tools, Coffee Day Enterprises Ltd Ramco Cements, ITC, Britannia, Siyaram Silk Mills, Sterling Tools, Coffee Day Enterprises Ltd BPCL, Heritage Foods, Tata Power Co., VRL Logistics Tata Global, Amara Raja Batteries, Colgate, Tech Mahindra Bajaj Auto, Bosch India, Cummins India, Thermax, LMW, Hindustan Media Ventures, Tata Steel, GAIL, GSK Pharma Tata Chemicals, Mphasis, HT Media, Finolex Cables, GIPCL BHEL, Rural Elec.Corp., Indoco Remedies Coal India, Hindalco, NHPC Tata Motors, M&M, Blue Star, Bajaj Electrical, Hitachi Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated US Producer Price Index (mom) % Change Apr :30AM Germany GDP nsa (YoY) % Change 1Q P May 14, :00PM India Monthly Wholesale Prices YoY% % Change Apr (0.85) (0.22) May 16, :00AM China Industrial Production (YoY) % Change Apr May 17, :00PM UK CPI (YoY) % Change Apr :00PM US Consumer price index (mom) % Change Apr :45PM US Industrial Production % Apr (0.59) :00PM US Housing Starts Thousands Apr 1, , :00PM US Building permits Thousands Apr 1, , May 18, :30PM Euro Zone Euro-Zone CPI (YoY) % Apr F (0.20) (0.20) 2:00PM UK Jobless claims change % Change Apr May 20, :30PM US Existing home sales Million Apr May 23, :30PM US New home sales Thousands Apr May 24, :00PM UK GDP (YoY) % Change 1Q P May 26, :00PM US GDP Qoq (Annualised) % Change 1Q S May 27, :30PM Euro Zone Euro-Zone Consumer Confidence Value May A (9.30) -- May 31, :25PM Germany Unemployment change (000's) Thousands May (16.00) -- 7:30PM US Consumer Confidence S.A./ 1985=100 May 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 6.9 Russia 18.0 India 10.8 China 16.9 South Africa 16.4 Indonesia 15.2 Malaysia 14.4 Thailand 15.5 UK 15.9 USA 12.1 Germany 13.8 France 13.0 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, (6.8) Russia Micex 1, India Nifty 7, (1.9) China Shanghai Composite 2,836 (6.0) 2.2 (32.8) South Africa Top 40 45,190 (0.1) 1.7 (5.6) Mexico Mexbol 45, Indonesia LQ (0.4) (1.9) (5.4) Malaysia KLCI 1,649 (3.9) 0.3 (8.6) Thailand SET (1.0) 9.8 (11.3) USA Dow Jones 17,721 (0.0) 11.3 (2.9) UK FTSE 6,104 (1.5) 8.4 (12.3) Japan Nikkei 16, (2.3) (17.0) Germany DAX 9, (14.9) France CAC 4,293 (1.2) 5.7 (16.6) 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 210-4,075 1,612 1, United Phosphorus Buy ,654 13,083 15, Auto & Auto Ancillary Ashok Leyland Accumulate ,611 17,995 21, Bajaj Auto Accumulate 2,550 2,585 73,802 22,709 25, Bharat Forge Accumulate ,036 7,351 8, Eicher Motors Neutral 19,753-53,652 15,556 16, Gabriel India Accumulate ,280 1,415 1, Hero Motocorp Neutral 2,950-58,911 28,244 30, Jamna Auto Industries Accumulate ,184 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,332-82,717 38,416 42, Maruti Neutral 3, ,692 57,865 68, Minda Industries Neutral 1,076-1,706 2,523 2, Motherson Sumi Buy ,390 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,051 11,263 13, Amara Raja Batteries Accumulate 949 1,076 16,212 4,892 5, Exide Industries Accumulate ,597 6,950 7, Apollo Tyres Buy ,073 12,056 12, Ceat Accumulate 1,024 1,119 4,141 6,041 6, JK Tyres Neutral 84-1,901 7,446 7, Swaraj Engines Neutral 1,102-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 918 1,157 3,822 3,277 4, Bharat Electronics Buy 1,160 1,414 27,841 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 ,762 5,363 5, BGR Energy Neutral ,615 3, BHEL Neutral ,803 33,722 35, Blue Star Accumulate ,819 3,548 3, Crompton Greaves Neutral 64-3,983 13,484 14, Greaves Cotton Neutral 145-3,541 1,655 1, Inox Wind Buy ,254 4,406 5, KEC International Neutral 131-3,358 8,791 9, Thermax Neutral 770-9,169 6,413 7, VATech Wabag Neutral 592-3,228 2,722 3, Cement ACC Neutral 1,463-27,459 13,151 14, Ambuja Cements Neutral ,243 11,564 12, HeidelbergCement Neutral 99-2,241 1,772 1, India Cements Neutral 92-2,829 4,216 4, JK Cement Accumulate ,108 3,661 4, J K Lakshmi Cement Neutral 346-4,066 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 155-3,173 1,854 2, Ramco Cements Neutral ,585 4,036 4, Shree Cement^ Neutral 13,496-47,018 7,150 8, UltraTech Cement Neutral 3,221-88,405 24,669 29, Construction ITNL Buy ,349 7,360 8, KNR Constructions Accumulate , , Larsen & Toubro Neutral 1, ,783 58,870 65, Gujarat Pipavav Port Neutral 160-7, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 78-4,320 7,892 8, PNC Infratech Neutral 537-2,753 1,873 2, Simplex Infra Neutral 274-1,358 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 ,828 3,186 3, NBCC Accumulate 978 1,089 11,740 5,816 7, MEP Infra Neutral ,956 1, SIPL Neutral 99-3, , Engineers India Neutral 186-6,265 1,667 1, Financials Allahabad Bank Neutral 53-3,278 8,569 9, Axis Bank Neutral ,436 26,204 29, Bank of Baroda Neutral ,337 18,802 21, (7.4) (4.2) Bank of India Neutral 87-7,112 15,972 17, Canara Bank Neutral ,235 15,441 16, Dena Bank Neutral 29-1,954 3,440 3, Dewan Housing Finance Buy ,982 1,828 2, Federal Bank Neutral 49-8,393 3,279 3, HDFC Neutral 1, ,846 10,358 11, HDFC Bank Accumulate 1,150 1, ,837 38,606 47, ICICI Bank Accumulate ,833 34,279 39, IDBI Bank Neutral 68-14,051 9,625 10, Indian Bank Neutral 86-4,123 6,160 6, LIC Housing Finance Buy ,631 3,179 3, Oriental Bank Neutral 84-2,709 7,643 8, Punjab Natl.Bank Neutral 80-15,611 23,122 26, South Ind.Bank Neutral 18-2,424 1,965 2, St Bk of India Neutral ,251 79,958 86, Union Bank Neutral 118-8,122 12,646 14, Vijaya Bank Neutral 32-2,998 3,536 3, Yes Bank Neutral ,180 7,190 9, FMCG Asian Paints Neutral ,894 16,553 19, Britannia Neutral 2,936-35,223 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 ,767 4,136 4, Dabur India Neutral ,209 9,370 10, GlaxoSmith Con* Neutral 6,059-25,480 4,519 5, Godrej Consumer Neutral 1,438-48,952 9,003 10, HUL Neutral ,616 33,299 35, ITC Accumulate ,706 36,804 38, Marico Neutral ,751 6,151 6, Nestle* Neutral 5,704-54,994 9,393 10, Tata Global Buy ,507 8,635 9, Procter & Gamble Hygiene Accumulate 6,496 7,369 21,087 2,588 2, IT HCL Tech^ Buy 716 1, ,989 42,038 47, Infosys Accumulate 1,210 1, ,884 62,441 70, TCS Buy 2,567 3, , , , Tech Mahindra Accumulate ,686 26,524 29, Wipro Buy ,937 50,808 56, Media D B Corp Accumulate ,064 2,025 2, HT Media Neutral 89-2,070 2,495 2, Jagran Prakashan Buy ,647 2,170 2, Sun TV Network Neutral ,017 2,510 2, Hindustan Media Ventures Neutral 270-1, , Metals & Mining Coal India Buy ,353 76,167 84, Hind. Zinc Neutral ,901 14,641 14, Hindalco Neutral 93-19, , , JSW Steel Neutral 1,283-31,007 42,308 45, (10.3) (1.0) NMDC Neutral 91-35,920 8,237 10, SAIL Neutral 42-17,532 45,915 53, Vedanta Neutral ,507 71,445 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,648 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 ,192 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,199 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Buy 991 1, , , , Pharmaceuticals Alembic Pharma Neutral ,907 3,274 3, Aurobindo Pharma Neutral ,893 14,923 17, Aventis* Accumulate 4,316 4,738 9,940 2,049 2, Cadila Healthcare Accumulate ,137 10,224 11, Cipla Accumulate ,957 13,979 16, Dr Reddy's Buy 2,974 3,933 50,716 16,838 19, Dishman Pharma Neutral 167-2,692 1,733 1, GSK Pharma* Neutral 3,462-29,320 2,870 3, Indoco Remedies Neutral 264-2,429 1,033 1, Ipca labs Buy ,902 3,363 3, Lupin Neutral 1,614-72,727 13,092 16, Sun Pharma Buy ,414 28,163 32, Power Tata Power Neutral 71-19,162 35,923 37, NTPC Neutral ,550 87,271 99, Power Grid Buy ,178 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,290 34,282 36, zothers Abbott India Neutral 4,731-10,054 2,715 3, Bajaj Electricals Neutral 232-2,346 4,719 5, Finolex Cables Neutral 292-4,463 2,520 2, Goodyear India* Buy ,174 1,800 1, Hitachi Neutral 1,394-3,789 1,779 2, Jyothy Laboratories Neutral 319-5,780 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 33,240 45,575 14,098 20,316 14, , , Page Industries Neutral 12,999-14,499 1,929 2, Relaxo Footwears Neutral 509-6,114 1,767 2, Siyaram Silk Mills Buy 1,104 1,354 1,034 1,636 1, Styrolution ABS India* Neutral 623-1,095 1,271 1, TVS Srichakra Buy 2,496 3,217 1,911 2,035 2, HSIL Neutral 307-2,219 2,123 2, Kirloskar Engines India Ltd Neutral 236-3,416 2,403 2, M M Forgings Buy Banco Products (India) Neutral ,208 1, Competent Automobiles Neutral ,040 1, Nilkamal Neutral 1,272-1,899 1,871 2, Visaka Industries Buy ,020 1, Transport Corporation of Neutral 260-1,978 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,193 1,517 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 379-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral 1,045-37,657 17,022 21, Coffee Day Enterprises Ltd Neutral 264-5,448 2,692 2, Navneet Education Neutral 89-2, , Navkar Corporation Buy , UFO Moviez Neutral 525-1, VRL Logistics Neutral 398-3,634 1,725 1, Team Lease Serv. Neutral 890-1,521 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 222-3, , Quick Heal Neutral 256-1, Narayana Hrudaya Neutral 307-6,275 1,603 1, Manpasand Bever. Neutral 537-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 12, 2016

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