Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. October 21, 2016

Transcription

1 6.( Market Outlook Market Cues Indian markets are likely to open sideways tracking Asian markets and SGX Nifty. U.S. stocks closed lower Thursday, as a sharp drop in oil and telecommunications shares weighed on investors sentiment. Investors also grappled with a mixed bag of economic data, earnings results, a steep drop in crude-oil prices, the prospect of a rate increase by the Federal Reserve and tumult wrought by the U.S. presidential election. UK s FTSE 100, edged into positive territory at the end of Thursday trading. Indian stocks advanced to a two-week high as over positive sentiment on the banking sector. The S&P BSE Sensex ended up 145 points at 28, and the Nifty50 settled 40 points higher at 8, The mood in the market has changed over positive earnings and fresh buying seen in banking space. The market will track the US elections and corporate earnings which will decide the course of the market going ahead. News Analysis Result Preview: Wipro Result Preview: HCL Tech Detailed analysis on Pg2 Investor s Ready Reckoner Domestic Indices Chg (Pts) (Close) BSE Sensex ,130 Nifty ,699 Mid Cap ,560 Small Cap ,419 Bankex ,542 Global Indices Chg (Pts) (Close) Dow Jones (0.2) (40) 18,162 Nasdaq (0.1) (5) 5,242 FTSE ,027 Nikkei ,236 Hang Seng ,374 Shanghai Com (0.0) (0) 3,084 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg6 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Batteries Auto & Auto Ancill. Buy 1,035 1, HCL Tech IT Buy 815 1, Bharat Electronics Capital Goods Accumulate 1,276 1, Equitas Holdings Financials Buy Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Oct 21 Euro Zone ECB announces interest rate Oct 24 Germany PMI Services Oct 24 US New home sales Oct 25 Germany PMI Manufacturing Oct 26 US Consumer Confidence Oct 27 UK GDP (YoY) Oct 28 US GDP QoQ (Annualised) Oct 31 Euro Zone Euro Zone GDP s.a. (QoQ) More Events on Pg5 Volumes (` Cr) BSE 3,425 NSE 23,090 Net Inflows (` Cr) Net Mtd Ytd FII 374 (428) 49,577 MFs 244 3,040 16,986 Top Gainers Price (`) Chg Jisljaleqs Syndibank Deltacorp Jpassociat Corpbank Top Losers Price (`) Chg Kajariacer 662 (9.1) Wabag 499 (5.0) Bayercrop 4,355 (3.4) Gati 138 (2.8) Aloktext 3 (2.5) As on October 20, 2016

2 News Analysis Result Preview Wipro (CMP: `494 / TP: `680 /Upside: 37.6%) Wipro is slated to announce its 2QFY2017 results today. We expect the company to post 0.5% sequential de-growth in its USD IT Services revenues to US$1,921mn v/s US$1,931mn in 1QFY2017. In rupee terms, the consolidated revenues are expected to come in at `13,428cr, down 1.3% qoq. EBIT margin is expected to show an dip of ~94bp qoq to end the period at 15.1% on account of wage hikes and currency impact. Consequently, PAT is expected to be at `1,968cr, a dip of 4.1% qoq. We maintain our buy rating on the stock. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2017E 51, , FY2018E 55, , HCL Tech (CMP: `815 / TP: `1,000 /Upside: 22.7%) HCL Tech is slated to announce its 2QFY2017 results today. We expect the company to post 2.1% sequential growth in USD revenues to US$1,726mn v/s US$1,691mn in 1QFY2017. In rupee terms, the revenues are expected to come in at `11,548cr, up 1.9% qoq. EBIT margin is expected to show a dip of ~63bp qoq to end the period at 20.0% on account of wage hikes and currency impact. Consequently, PAT is expected to be at `1,979cr, a dip of 3.3% qoq. We maintain our buy rating on the stock. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2017E 49, , FY2018E 57, , Economic and Political News RBI simplifies norms related to ECB European Central Bank Keeps Rates on Hold Pulses, metals, fuel may play spoilsport in cooling CPI inflation Discom losses to halve by FY19: CRISIL RBI decides to allow FDI up to 100% in other financial services Govt orders probe into debit card data breach Corporate News Reliance Q2 profit rises 18%; GRM at $10.1/bbl, petchem shines Biocon profit at `147 cr, revenue up 21% Tata Coffee Q2 profit up 85% Mahindra begins use of IoT for its trucks and tractors Wipro to buy cloud services firm Appirio for $500 million

3 Quarterly Bloomberg Brokers Consensus Estimate ACC Ltd - Oct 21, 2016 Particulars ( ` cr) 3QCY16E 3QCY15 y-o-y 2QCY16 q-o-q Net sales 3,033 2, , EBITDA (1.3) EBITDA margin Net profit Wipro Ltd Consol - Oct 21, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q Net sales 13,788 12, , EBITDA 2,811 2, , EBITDA margin Net profit 2,168 2,241 (3.2) 2, IndiaBulls Housing Finance Ltd - Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q Net profit Axis Bank Ltd Consol - Oct 24, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q PAT 1,998 1, , Reliance Capital Ltd Consol - Oct 24, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q PAT Idea Cellular Ltd Consol - Oct 24, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q Net sales 9,763 8, , EBITDA 3,579 3, , EBITDA margin Net profit (45.1)

4 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 17,673 1,035 1, Axis Bank 1,28, Bharat Electronics 30,622 1,276 1, HCL Tech 1,15, , Infosys 2,38,182 1,037 1, 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. Healthy pace of branch expansion, backed by distribution network, will be the driving force for the bank s retail business and overall earnings. 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. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Asian Granito Bajaj Electricals 2, Blue Star 5, Dewan Housing Finance 9, Equitas Holdings 6, Jagran Prakashan 6, Mahindra Lifespace 1, Mirza International 1, Navkar Corporation 2, Siyaram Silk Mills 1,443 1,539 1, TV Today Network 2, Source: Company, Angel Research Rationale We expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy. Among the top 4 players in the consumer durables segment. Improved profitability backed by turn around in E&P segment. Strong order book lends earnings visibility. 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. Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations We expect the company to report strong growth on back of healthy growth in domestic branded sales (owing to aggressive ad spend and addition in the number of EBOs & multi-brand outlets [MBOs]) and healthy export revenues. 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.

5 Key Upcoming Events Result Calendar Date Oct 21, 2016 Oct 22, 2016 Oct 24, 2016 Oct 25, 2016 Oct 26, 2016 Oct 27, 2016 Oct 28, 2016 Company ACC, Wipro, Mindtree, Cairn India, Kirloskar Engines India Ltd Persistent, L G Balakrishnan & Bros Rallis, Axis Bank, Reliance Capital, Adani Power HDFC Bank, Kotak Mah. Bank, Shriram Trans., Federal Bank, Asian Paints, Hexaware, Jyothy Laboratories, Visaka Industries, Dr Reddy's, Alembic Pharma Hero Motocorp, Exide Industries, Cummins India, LMW, J K Lakshmi Cements, HDFC, Canara Bank, Syndicate Bank, ITC, HUL, Dabur India, Cadila Healthcare, Indoco Remedies Maruti, TVS Motor, ABB, Tech Mahindra, PVR, JSW Steel, ONGC, IOC, MRF, GSK Pharma, Glenmark Pharma., Dishman Pharma, VRL Logistics United Phosphorus, Bajaj Auto, IDFC, Nestle, Colgate, Sesa Goa, NTPC Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Oct 21, :15PM Euro Zone ECB announces interest rates % Oct Oct 24, :00PM Germany PMI Services Value Oct P :30PM US New home sales Thousands Sep Oct 25, :00PM Germany PMI Manufacturing Value Oct P Oct 26, :30PM US Consumer Confidence S.A./ 1985=100 Oct Oct 27, :00PM UK GDP (YoY) % Change 3Q A Oct 28, :00PM US GDP Qoq (Annualised) % Change 3Q A Oct 31, :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A Nov 1, :00PM UK PMI Manufacturing Value Oct :30AM China PMI Manufacturing Value Oct Nov 2, :25PM Germany Unemployment change (000's) Thousands Oct :30PM US FOMC rate decision % Nov Nov 3, :30PM UK BOE Announces rates % Ratio Nov Nov 4, :00PM US Change in Nonfarm payrolls Thousands Oct China Exports YoY% % Change Oct (10.00) -- Nov 8, :00PM US Unnemployment rate % Oct :00PM UK Industrial Production (YoY) % Change Sep Nov 9, :00AM China Consumer Price Index (YoY) % Change Oct Nov 10, 2016 India Imports YoY% % Change Oct (2.50) -- India Exports YoY% % Change Oct Nov 11, :30PM India Industrial Production YoY % Change Sep (0.70) -- Nov 14, :30AM China Industrial Production (YoY) % Change Oct :00PM India Monthly Wholesale Prices YoY% % Change Oct Source: Bloomberg, Angel Research

6 h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY QFY QFY (2.0) (4.0) (6.0) 9.9 Oct-15 (3.4) Nov-15 (0.9) Dec-15 (1.6) Jan Feb Mar-16 (1.3) Apr May Jun-16 (2.5) Jul-16 (0.7) Aug-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Oct Nov-15 Dec-15 Jan Feb Mar Apr May-16 Jun Jul Aug Sep Aug-15 Sep-15 Oct-15 Nov-15 Mfg. PMI Dec-15 Jan-16 Feb-16 Mar-16 Services PMI Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-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 (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 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Nov-15 Dec-15 Jan-16 Jan-16 Feb-16 Mar-16 Apr-16 Apr-16 May-16 Jun-16 Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-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 (3.8) Russia (0.6) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (3.3) (0.8) (2.0) (4.0) 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 8.2 Russia 17.9 India 13.2 China 16.0 South Africa 18.8 Indonesia 16.5 Malaysia 13.5 Thailand 16.0 UK 15.4 USA 13.2 Germany 14.4 France 13.8 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 63, Russia Micex 1,957 (1.7) India Nifty 8,699 (0.9) China Shanghai Composite 3, (6.4) South Africa Top 40 44, (2.9) (5.4) Mexico Mexbol 48, Indonesia LQ Malaysia KLCI 1, (0.2) (2.5) Thailand SET (1.0) 2.5 USA Dow Jones 18, (1.9) 3.8 UK FTSE 7, Japan Nikkei 17, (6.5) Germany DAX 10, (0.9) France CAC 4, (7.1) 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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Agri / Agri Chemical Rallis Neutral 235-4,570 1,937 2, United Phosphorus Neutral ,186 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,375 22,407 26, Bajaj Auto Neutral 2,788-80,683 25,093 27, Bharat Forge Neutral ,872 7,726 8, Eicher Motors Neutral 24,989-67,872 16,583 20, Gabriel India Accumulate ,712 1,544 1, Hero Motocorp Neutral 3,363-67,150 31,253 35, Jamna Auto Industries Neutral 224-1,788 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,327-82,388 46,534 53, Maruti Accumulate 5,645 5, ,509 69,186 82, Minda Industries Neutral 341-2,704 2,728 3, Motherson Sumi Neutral ,326 45,896 53, Rane Brake Lining Neutral 1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,633 13,390 15, Amara Raja Batteries Buy 1,035 1,218 17,673 5,429 6, Exide Industries Neutral ,919 7,439 8, Apollo Tyres Accumulate ,822 12,877 14, Ceat Accumulate 1,301 1,450 5,262 7,524 8, JK Tyres Neutral 150-3,399 7,455 8, Swaraj Engines Neutral 1,376-1, Subros Neutral ,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 939 1,157 3,909 3,451 4, Bharat Electronics Accumulate 1,276 1,414 30,622 8,137 9,

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Capital Goods Voltas Neutral ,123 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,780 28,797 34, Blue Star Accumulate ,294 4,283 5, Crompton Greaves Neutral 76-4,766 5,777 6, Greaves Cotton Neutral 128-3,117 1,755 1, Inox Wind Buy ,977 5,605 6, KEC International Neutral 126-3,226 9,294 10, Thermax Neutral ,339 5,421 5, VATech Wabag Buy ,707 3,136 3, Cement ACC Neutral 1,612-30,273 11,225 13, Ambuja Cements Neutral ,108 9,350 10, India Cements Neutral 157-4,817 4,364 4, JK Cement Neutral 926-6,474 4,398 5, J K Lakshmi Cement Accumulate ,948 2,913 3, Orient Cement Buy ,717 2,114 2, UltraTech Cement Neutral 4, ,000 25,768 30, Construction ITNL Neutral 102-3,357 8,946 10, KNR Constructions Neutral 779-2,191 1,385 1, Larsen & Toubro Accumulate 1,504 1, ,179 67,665 77, Gujarat Pipavav Port Neutral 169-8, Nagarjuna Const. Neutral 82-4,584 8,842 9, PNC Infratech Accumulate ,218 2,350 2, Simplex Infra Neutral 326-1,614 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Accumulate ,624 3,598 4, NBCC Neutral ,057 7,428 9, MEP Infra Neutral ,877 1, SIPL Neutral 108-3,816 1,036 1, (8.4) (5.6) (22.8) (15.9)

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 Engineers India Neutral 266-8,964 1,725 1, Financials Axis Bank Buy ,599 46,932 53, Bank of Baroda Neutral ,325 19,980 23, Canara Bank Neutral ,468 15,225 16, Dewan Housing Finance Accumulate ,632 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral 73-12,586 9,353 10, HDFC Neutral 1, ,861 11,475 13, HDFC Bank Accumulate 1,255 1, ,822 46,097 55, ICICI Bank Neutral ,420 39,029 45, LIC Housing Finance Neutral ,737 3,712 4, Punjab Natl.Bank Neutral ,941 23,532 23, RBL Bank Accumulate ,132 1,783 2, South Ind.Bank Neutral 24-3,227 6,435 7, St Bk of India Neutral ,793 88,650 98, Union Bank Neutral ,178 13,450 14, Yes Bank Neutral 1,309-55,100 8,978 11, FMCG Asian Paints Neutral 1, ,958 17,128 18, Britannia Accumulate 3,308 3,626 39,692 9,795 11, Colgate Accumulate ,643 4,605 5, Dabur India Accumulate ,256 8,315 9, GlaxoSmith Con* Neutral 6,190-26,030 4,350 4, Godrej Consumer Neutral 1,587-54,034 10,235 11, HUL Neutral ,916 35,252 38, ITC Buy ,854 40,059 44, Marico Accumulate ,718 6,430 7, Nestle* Neutral 6,835-65,904 10,073 11, Tata Global Neutral 152-9,615 8,675 9, Procter & Gamble Hygiene Neutral 7,050-22,885 2,939 3,

12 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) IT ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E HCL Tech^ Buy 815 1, ,012 49,242 57, Infosys Buy 1,037 1, ,182 68,350 77, TCS Buy 2,400 3, , , , Tech Mahindra Buy ,240 30,347 33, Wipro Buy ,443 51,631 55, Media D B Corp Neutral 398-7,308 2,297 2, HT Media Neutral 93-2,173 2,693 2, Jagran Prakashan Accumulate ,849 2,355 2, Sun TV Network Neutral ,192 2,850 3, Hindustan Media Ventures Neutral 301-2,210 1,016 1, TV Today Network Accumulate , Metals & Mining Coal India Neutral ,544 84,638 94, Hind. Zinc Neutral ,591 14,252 18, Hindalco Neutral , , , JSW Steel Neutral 1,741-42,078 53,201 58, NMDC Neutral ,579 6,643 7, SAIL Neutral 49-20,403 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,547 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,209 9,127 10, GAIL Neutral ,585 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,754 3,483 4, Aurobindo Pharma Accumulate ,335 15,720 18, Sanofi India* Neutral 4,237-9,757 2,357 2, Cadila Healthcare Neutral ,808 11,126 13, Cipla Sell ,816 15,378 18,

13 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Pharmaceuticals ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Dr Reddy's Neutral 3,076-50,963 16,043 18, Dishman Pharma Sell ,899 1,718 1, GSK Pharma* Neutral 2,960-25,068 3,528 3, Indoco Remedies Sell ,875 1,112 1, Ipca labs Neutral 614-7,749 3,303 3, Lupin Buy 1,502 1,809 67,707 15,912 18, Sun Pharma Buy ,708 31,129 35, Power Tata Power Neutral 82-22,164 36,916 39, NTPC Neutral ,734 86,605 95, Power Grid Neutral ,175 25,763 29, Real Estate MLIFE Buy ,812 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 78-28,194 40,133 43, zothers Abbott India Neutral 4,748-10,089 3,153 3, Bajaj Electricals Buy ,569 5,099 5, Finolex Cables Neutral 428-6,544 2,883 3, Goodyear India* Neutral 800-1,845 1,598 1, Hitachi Neutral 1,529-4,157 2,081 2, Jyothy Laboratories Neutral 352-6,391 1,440 2, Page Industries Neutral 16,117-17,977 2,450 3, Relaxo Footwears Neutral 435-5,222 2,085 2, Siyaram Silk Mills Accumulate 1,539 1,714 1,443 1,799 2, Styrolution ABS India* Neutral 620-1,090 1,440 1, TVS Srichakra Neutral 3,794-2,905 2,304 2, HSIL Neutral 351-2,536 2,384 2, Kirloskar Engines India Ltd Neutral 350-5,061 2,554 2, M M Forgings Neutral Banco Products (India) Neutral 223-1,598 1,353 1, Competent Automobiles Neutral ,137 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 Nilkamal Neutral 1,790-2,670 1,995 2, Visaka Industries Neutral ,051 1, Transport Corporation of Neutral 180-1,381 2,671 2, India Elecon Engineering Neutral ,482 1, Surya Roshni Neutral 234-1,024 3,342 3, MT Educare Neutral Radico Khaitan Neutral 145-1,933 1,659 1, Garware Wall Ropes Neutral 537-1, Wonderla Holidays Neutral 402-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral ,800 21,122 26, Coffee Day Enterprises Ltd Neutral 227-4,686 2,964 3, Navneet Education Neutral 102-2,427 1,062 1, Navkar Corporation Buy , UFO Moviez Neutral 449-1, VRL Logistics Neutral 322-2,939 1,902 2, Team Lease Serv. Neutral 1,027-1,756 3,229 4, S H Kelkar & Co. Neutral 306-4,425 1,036 1, Quick Heal Neutral 246-1, Narayana Hrudaya Neutral 354-7,224 1,873 2, Manpasand Bever. Neutral 725-4, , Parag Milk Foods Neutral 320-2,689 1,919 2, Mirza International Buy ,131 1,024 1, Asian Granito Buy ,118 1, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 20, 2016

15 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.