Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. May 23, 2017

Transcription

1 Market Cues Indian markets are likely to open on flat note tracking the SGX Nifty and Global markets. The US markets closed higher on Monday for a third session of gains, recovering most of losses in the last week as tech and industrial stocks rallied in a day marked by lighter than usual volume. The Dow Jones Industrial Average finished up 0.4%, to 20,895. The S&P 500 index rose 0.5%, to close at 2,394 and Nasdaq Composite Index rose 0.8%, to finish at 6,134. The UK markets began the week higher as the pound fluctuated around the $1.30 mark. The FTSE 100 ended 0.34%, higher at 7,496. On the domestic turf, benchmark BSE Sensex rose by 106 points following a rally in FMCG, consumer durables and capital goods stocks after the GST Council finalized rates for bulk of the goods and services last week. The 30-share index closed at 30,571 points, up by 0.35% over the last close. The 50 share Nifty index gained 0.11% to end at 9,438. News Analysis GAIL 4QFY17 PAT declines by 69% Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg6 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside (%) Blue Star Capital Goods Buy Dewan Housing Fin. Financials Buy Mahindra Lifespace Real Estate Buy Navkar Corporation Others Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Germany GDP nsa (YoY) US New home sales Germany PMI Manufacturing Germany PMI Services May 24, 2017 US Existing home sales May 25, 2017 US GDP Qoq (Annualised) More Events on Pg5 Domestic Indices Chg (%) (Pts) (Close) BSE Sensex ,422 30,571 Nifty ,136 9,438 Mid Cap (1.2) 0.7 (177) 95 14,485 14,467 Small Cap (1.1) (173) ,128 15,054 Bankex (0.5) (0.6) (131) (159) 24,444 25,700 Global Indices Chg (%) (Pts) (Close) Dow Jones ,579 20,895 Nasdaq ,917 6,134 FTSE ,119 7,496 Nikkei (0.0) (2) 18,430 19,678 Hang Seng ,057 25,391 Shanghai Com (0.5) 0.0 (15) 1 3,172 3,076 Advances / Declines BSE NSE Advances 1, , Declines 1,039 1,886 1, Unchanged Volumes (` Cr) #BSE 4,029 4,135 NSE 25,391 22,604 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) 360 (2,249) 5,271 41,972 47,283 MFs ,895 2,591 14,333 23,273 Top Gainers Price (`) Chg (%) Indiacem Unitdspr 2, Jktyre Itc Gsfc Wabag Sobha Adanitrans Jetairways Mothersumi Top Losers Price (`) Chg (%) Irb Videoind (19.4) (5.0) Yesbank Bankindia 1, (11.2) (3.8) Icicibank Vrllog (2.9) (8.5) Polaris Jpassociat (2.5) (8.3) Concor Jetairways 1, (2.5) (8.1) #As #as on May April 22, 20, 2017

2 News Analysis GAIL 4QFY17 PAT declines by 69% GAIL India has reported yoy 69% per cent decline in its 4QFY17 PAT to 260cr. The fall in PAT was due to impairment of investments of 783cr in the Ratnagiri Gas and Power Pvt Ltd. The LNG terminal there is running at mt capacity while the power plant is running at 500 MW capacity. The company has already started producing power in one block. The company has indicated that the impairment was necessary as per the accounting standards. Without the impairment of investments in RGPPL, GAIL s net profit for 4QFY17 stood at 1,043cr, 25 per cent higher on yoy basis.the Ratnagiri gas-based power plant has been running lower than its 2,000 MW generation capacity. This is due to the high cost of power produced from gas-based generation facilities. The investment impairment has been due to the lower offtake and generation. Economic and Political News Public debt dips 1.9% to `60.66 lakh cr in Q4 FY17 Expect Nifty to touch 11,180 by Q3 of 2018: Factor LLC GST to have minimal impact on CPI Index: Morgan Stanley Oil rebounds, as OPEC talks up cutting supply into 2018 RBI may issue framework for bringing NPA ordinance online within 15 days Indian IT firms struggle to generate revenue from digital businesses IT industry sees 24% fall in hiring in April: Survey Corporate News GST: FMCG cos offer goodies, retailers not interested Tata Sons appoints Birla s Saurabh Agrawal as group CFO No "royalties holiday" for Adani: Queensland govt Maruti Swift beats Alto as best selling model in April Bank of India Q4 net loss narrows to `1,046cr as NPA provisions fall Zuari Agro Chemicals approves `1,300cr to revamp ammonia-urea plants

3 Quarterly Bloomberg Brokers Consensus Estimate Tata Motors Ltd Consol - Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales 80,251 79, , EBITDA 8,214 11,387 (27.9) 5, EBITDA margin (%) Net profit 2,548 4,573 (44.3) (2,605) 0.0 Jindal Steel & Power Ltd Consol - Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales 6,319 4, , EBITDA 1, , EBITDA margin (%) Net profit (395) (371) 0.0 (407) 0.0 Lupin Ltd Consol - May 24, 2017 Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales 4,431 4, , EBITDA 1,141 1,367 (16.6) 1,216 (6.2) EBITDA margin (%) Net profit (20.0) Bharat Forge Ltd - May 24, 2017 Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales 1, EBITDA EBITDA margin (%) Net profit (0.4) Adani Port & SEZ Ltd - May 24, 2017 Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales EBITDA EBITDA margin (%) Net profit Ashok Leyland Ltd - May 25, 2017 Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales 6,469 5, , EBITDA (3.3) EBITDA margin (%) Net profit

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Alkem Laboratories 22,359 1,870 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 12, Equitas Holdings 5, Jagran Prakashan 5, KEI Industries 1, Mahindra Lifespace 2, Navkar Corporation 3, Siyaram Silk Mills 1,719 1,834 1, TV Today Network 1, Rationale Strong growth in domestic business due to its leadership in acute therapeutic segment. Alkem expects to launch more products in USA, which bodes for its international business. We expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy.. Favourable 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. Strong loan growth backed by diversified loan portfolio and adequate CAR. ROE & ROA likely to remain decent as risk of dilution remains low. Attractive valuations considering growth. 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. High order book execution in EPC segment, rising B2C sales and higher exports to boost the revenues and profitability 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 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation. Market leadership in Hindi news genre and no. 2 viewership ranking in English news genre, exit from the radio business, and anticipated growth in ad spends by corporates to benefit the stock. Source: Company, Angel Research

5 Key Upcoming Events Result Calendar Date May 24, 2017 May 25, 2017 May 26, 2017 May 27, 2017 Company Tata Motors, Subros, Jindal Steel, Radico Khaitan Amara Raja Batteries, Lupin Bosch India, Ashok Leyland, Britannia, Mphasis, IOC, GSPL, Page Industries, Heritage Foods, Cipla Tata Chemicals, Crompton Greaves, Areva, ITC, Tech Mahindra, Styrolution, Sun Pharma, Divi's Lab., Indoco Remedies Siyaram Silk Mills, PTC India Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated 11:30AM Germany GDP nsa (YoY) % Change 1Q F :30PM US New home sales Thousands Apr :00PM Germany PMI Manufacturing Value May P :00PM Germany PMI Services Value May P May 24, :30PM US Existing home sales Million Apr May 25, :00PM US GDP Qoq (Annualised) % Change 1Q S :00PM US Initial Jobless claims Thousands May May 26, :00PM UK GDP (YoY) % Change 1Q P May 30, :30PM Euro Zone Euro-Zone Consumer Confidence Value May F (3.30) -- 7:30PM US Consumer Confidence S.A./ 1985=100 May May 31, :25PM Germany Unemployment change (000's) Thousands May (15.00) -- 6:30AM China PMI Manufacturing Value May Jun 1, :00PM UK PMI Manufacturing Value May Jun 2, :00PM US Change in Nonfarm payrolls Thousands May :00PM US Unnemployment rate % May Jun 7, :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q F :30PM India RBI Reverse Repo rate % Jun :30PM India RBI Cash Reserve ratio % Jun :30PM India RBI Repo rate % Jun Jun 8, 2017 China Exports YoY% % Change May :15PM Euro Zone ECB announces interest rates % Jun Jun 9, 2017 India Imports YoY% % Change May India Exports YoY% % Change May :00PM UK Industrial Production (YoY) % Change Apr :00AM China Consumer Price Index (YoY) % Change May Jun 12, :30PM India Industrial Production YoY % Change Apr Source: Bloomberg, Angel Research

6 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (%) QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY17 (%) May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar- 17 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI (%) 56.0 Mfg. PMI Services PMI May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 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 (%) (10.0) (20.0) (30.0) Exports yoy growth Imports yoy growth (%) Repo rate Reverse Repo rate CRR May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Jul-16 Jul-16 Aug-16 Sep-16 Sep-16 Oct-16 Nov-16 Dec-16 Dec-16 Jan-17 Feb-17 Feb-17 Mar-17 Apr-17 Apr-17 Source: Bloomberg, Angel Research, Source: RBI, Angel Research

7 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (%) (2.0) (4.0) Brazil (2.5) Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries 8.0 (%) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan 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, #data as of 22 nd May 2017

8 Exhibit 4: Relative performance of indices across globe Returns (%) Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 62,639 (2.6) (6.5) 23.2 Russia Micex 1, (9.2) 5.0 India Nifty 9, China Shanghai Composite 3,091 (3.3) (3.8) 9.1 South Africa Top 40 47, Mexico Mexbol 49, Indonesia LQ Malaysia KLCI 1, Thailand SET (1.8) (1.0) 12.3 USA Dow Jones 20, UK FTSE 7, Japan Nikkei 19, Germany DAX 12, France CAC 5, Source: Bloomberg, Angel Research, #data as of 22 nd May 2017

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Agri / Agri Chemical Rallis Neutral 238-4,624 1,937 2, United Phosphorus Neutral ,140 15,176 17, Auto & Auto Ancillary Amara Raja Batteries Accumulate 880 1,009 15,037 5,305 6, Apollo Tyres Neutral ,876 12,877 14, Ashok Leyland Buy ,460 20,021 21, Bajaj Auto Neutral 2,913-84,278 25,093 27, Bharat Forge Neutral 1,064-24,777 7,726 8, Ceat Neutral 1,742-7,047 7,524 8, Eicher Motors Neutral 27,224-74,076 16,583 20, Exide Industries Neutral ,593 7,439 8, Gabriel India Neutral 128-1,841 1,544 1, Hero Motocorp Neutral 3,565-71,182 28,083 30, Indag Rubber Neutral Jamna Auto Industries Neutral 235-1,869 1,486 1, JK Tyres Neutral 173-3,925 7,455 8, L G Balakrishnan & Bros Neutral 690-1,083 1,302 1, Mahindra and Mahindra Neutral 1,307-81,180 46,534 53, Maruti Neutral 6, ,380 67,822 83, Minda Industries Neutral 564-4,875 2,728 3, Motherson Sumi Neutral ,718 45,896 53, Rane Brake Lining Neutral 1, Setco Automotive Neutral Subros Neutral 251-1,505 1,488 1, Swaraj Engines Neutral 1,840-2, Tata Motors Neutral , , , TVS Motor Neutral ,016 13,390 15, Capital Goods ACE Neutral BEML Neutral 1,249-5,201 3,451 4, BGR Energy Neutral 166-1,195 16,567 33,

10 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS ( ) PER(x) P/BV(x) RoE(%) EV/Sales(x) Capital Goods ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Bharat Electronics Neutral ,234 8,137 9, BHEL Neutral ,590 28,797 34, Blue Star Buy ,176 4,283 5, CG Power and Industrial Neutral 90-5,644 5,777 6, Solutions Greaves Cotton Neutral 154-3,767 1,755 1, Inox Wind Neutral 151-3,360 5,605 6, KEC International Neutral 244-6,264 9,294 10, KEI Industries Accumulate ,661 2,682 3, Thermax Neutral 1,004-11,961 5,421 5, VATech Wabag Neutral 692-3,774 3,136 3, Voltas Neutral ,722 6,511 7, Cement ACC Neutral 1,627-30,552 11,225 13, Ambuja Cements Neutral ,331 9,350 10, India Cements Neutral 199-6,116 4,364 4, J K Lakshmi Cement Neutral 474-5,577 2,913 3, JK Cement Neutral 1,102-7,701 4,398 5, Orient Cement Neutral 148-3,033 2,114 2, UltraTech Cement Neutral 4, ,249 25,768 30, Construction Engineers India Neutral ,950 1,725 1, Gujarat Pipavav Port Neutral 151-7, ITNL Neutral 105-3,467 8,946 10, KNR Constructions Neutral 198-2,786 1,385 1, Larsen & Toubro Neutral 1, , , , MEP Infra Neutral 73-1,184 1,877 1, Nagarjuna Const. Neutral 95-5,298 8,842 9, NBCC Neutral ,028 7,428 9, PNC Infratech Neutral 142-3,644 2,350 2, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 317-5,447 3,598 4,

11 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS ( ) PER(x) P/BV(x) RoE(%) EV/Sales(x) Construction ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Simplex Infra Neutral 418-2,066 6,829 7, SIPL Neutral 102-3,602 1,036 1, (8.4) (5.6) (22.8) (15.9) Financials Axis Bank Buy ,320 46,932 53, Bank of Baroda Neutral ,085 19,980 23, Can Fin Homes Neutral 2,528-6, Canara Bank Neutral ,637 15,225 16, Cholamandalam Inv. & Buy Fin. Co. 1,043 1,230 16,305 2,012 2, Dewan Housing Finance Buy ,651 2,225 2, Equitas Holdings Buy , , Federal Bank Accumulate ,045 8,259 8, HDFC Neutral 1, ,421 11,475 13, HDFC Bank Neutral 1, ,178 46,097 55, ICICI Bank Neutral ,641 42,800 44, Karur Vysya Bank Buy ,219 5,640 6, Lakshmi Vilas Bank Neutral 183-3,512 3,339 3, LIC Housing Finance Neutral ,098 3,712 4, Punjab Natl.Bank Neutral ,143 23,532 23, RBL Bank Neutral ,477 1,783 2, Repco Home Finance Accumulate , South Ind.Bank Neutral 26-4,644 6,435 7, St Bk of India Neutral ,754 88,650 98, Union Bank Neutral ,549 13,450 14, Yes Bank Neutral 1,407-64,276 8,978 11, FMCG Akzo Nobel India Neutral 1,852-8,884 2,955 3, Asian Paints Neutral 1, ,965 17,128 18, Britannia Neutral 3,639-43,668 9,594 11, Colgate Neutral 1,005-27,341 4,605 5, Dabur India Accumulate ,838 8,315 9, GlaxoSmith Con* Neutral 5,294-22,263 4,350 4,

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Godrej Consumer Neutral 1,783-60,712 10,235 11, HUL Neutral 1, ,407 35,252 38, ITC Neutral ,855 40,059 44, Marico Neutral ,805 6,430 7, Nestle* Neutral 6,575-63,392 10,073 11, Procter & Gamble Hygiene Neutral 7,500-24,346 2,939 3, Tata Global Neutral 148-9,328 8,675 9, IT HCL Tech^ Buy 858 1, ,450 46,723 52, Infosys Buy 960 1, ,449 68,484 73, TCS Neutral 2, , , , Tech Mahindra Buy ,132 29,673 32, Wipro Accumulate ,657 55,421 58, Media D B Corp Neutral 361-6,633 2,297 2, Hindustan Media Ventures Neutral 270-1,983 1,016 1, HT Media Neutral 81-1,895 2,693 2, Jagran Prakashan Buy ,971 2,355 2, Sun TV Network Neutral ,316 2,850 3, TV Today Network Buy , Metals & Mining Coal India Neutral ,238 84,638 94, Hind. Zinc Neutral ,471 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,483 53,201 58, NMDC Neutral ,647 6,643 7, SAIL Neutral 60-24,863 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Tata Steel Neutral , , , Vedanta Neutral ,087 71,744 81, Oil & Gas GAIL Neutral ,155 56,220 65, Indian Oil Corp Neutral , , , ONGC Neutral , , ,

13 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS ( ) PER(x) P/BV(x) RoE(%) EV/Sales(x) Oil & Gas ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Accumulate ,315 3,101 3, Alkem Laboratories Ltd Buy 1,870 2,257 22,359 6,065 7, Aurobindo Pharma Buy ,764 15,720 18, Aventis* Neutral 4,102-9,447 2,206 2, Cadila Healthcare Neutral ,872 10,429 12, Cipla Sell ,099 15,378 18, Dishman Pharma Sell ,696 1,718 1, Dr Reddy's Neutral 2,608-43,204 14,081 15, GSK Pharma* Neutral 2,428-20,566 2,800 3, Indoco Remedies Buy ,871 1,112 1, Ipca labs Buy ,559 3,258 3, Lupin Buy 1,263 1,809 57,042 15,912 18, Natco Pharma Accumulate ,886 2,090 2, Sun Pharma Buy ,611 31,129 35, Power NTPC Neutral ,526 86,605 95, Power Grid Accumulate ,757 25,315 29, Tata Power Neutral 82-22,193 36,916 39, Real Estate MLIFE Buy ,182 1,152 1, Prestige Estate Neutral 234-8,790 4,707 5, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 88-31,659 40,133 43, zothers Abbott India Neutral 4,180-8,882 3,153 3, Asian Granito Accumulate ,093 1,060 1, Bajaj Electricals Buy ,183 4,801 5, Banco Products (India) Neutral 223-1,596 1,353 1, Coffee Day Enterprises Ltd Neutral 254-5,225 2,964 3, Competent Automobiles Neutral ,137 1, Elecon Engineering Neutral ,482 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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Finolex Cables Neutral 530-8,110 2,883 3, Garware Wall Ropes Neutral 786-1, Goodyear India* Neutral 854-1,969 1,598 1, Hitachi Neutral 1,771-4,815 2,081 2, HSIL Neutral 350-2,533 2,384 2, Interglobe Aviation Neutral 1,042-37,652 21,122 26, Jyothy Laboratories Neutral 374-6,790 1,440 2, Kirloskar Engines India Ltd Neutral 389-5,630 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 785-4, , Mirza International Neutral 158-1, , MT Educare Neutral Narayana Hrudaya Neutral 297-6,070 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 161-3,754 1,062 1, Nilkamal Neutral 1,914-2,856 1,995 2, Page Industries Neutral 14,207-15,846 2,450 3, Parag Milk Foods Neutral 248-2,085 1,919 2, Quick Heal Neutral 216-1, Radico Khaitan Buy ,660 1,667 1, Relaxo Footwears Neutral 477-5,727 2,085 2, S H Kelkar & Co. Neutral 291-4,211 1,036 1, Siyaram Silk Mills Neutral 1,834-1,719 1,652 1, Styrolution ABS India* Neutral 742-1,305 1,440 1, Surya Roshni Neutral 276-1,211 3,342 3, Team Lease Serv. Neutral 1,167-1,995 3,229 4, The Byke Hospitality Neutral Transport Corporation of Neutral 263-2,014 2,671 2, India

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E zothers TVS Srichakra Neutral 3,987-3,053 2,304 2, UFO Moviez Neutral 407-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 305-2,786 1,902 2, Wonderla Holidays Neutral 381-2, VIP Industries Accumulate ,725 1,270 1, Navin Fluorine Buy 2,961 3,650 2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 22, 2017

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 Metropolitan Stock Exchange 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/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. 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. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any. 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.