6.( Market Outlook Market Cues Indian markets are expected to open in red tracking SGX Nifty and Asian markets. U.S. Markets rose Tuesday as investors were relieved to hear Federal Reserve Chair Janet Yellen say the Fed would remain cautious in raising interest rates. The European markets rose further on Tuesday, with traders expecting Britain to vote to stay in the European Union despite polls putting the race neck and neck. Indian markets fell slightly on Tuesday, as weakness in the rupee for the second day running amid fresh FII selling and mixed global cues ahead of Fed Chair Janet Yellen's semi-annual Congressional testimony on Tuesday and Wednesday as well as Thursday's all-important Brexit vote, kept investors on edge. News Analysis Maruti to ramp up Baleno production, cut waiting period Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg4 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Auto/Auto Ancillary Buy 861 1,076 25.0 HCL Tech IT Buy 769 1,000 30.1 LIC Housing Financials Buy 485 592 22.0 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.2) (54) 26,813 Nifty (0.2) (19) 8,220 Mid Cap 0.1 14 11,418 Small Cap 0.4 42 11,520 Bankex (0.6) (132) 20,154 Global Indices Chg (Pts) (Close) Dow Jones 0.1 25 17,830 Nasdaq 0.1 7 4,844 FTSE 0.4 23 6,227 Nikkei 1.3 204 16,169 Hang Seng 0.8 158 20,668 Shanghai Com (0.4) (10) 2,879 Advances / Declines BSE NSE Advances 1,307 751 Declines 1,308 813 Unchanged 205 84 Volumes (` Cr) BSE 2,509 NSE 15,139 Bharat Electronics Capital Goods Accumulate 1,284 1,414 10.2 Navkar Corporation Others Buy 196 265 35.5 More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations June 22 US Existing Home sales 5.5 5.6 June 22 Euro Zone Euro Zone Consumer Confidence (7.0) (7.0) June 23 US Intial Jobless claims 277.0 270.0 June 23 Germany PMI Manufacturing 52.1 52.0 More Events on Pg4 Net Inflows (` Cr) Net Mtd Ytd FII 53 4,320 18,689 MFs 373 (5) 9,426 Top Gainers Price (`) Chg Gati 164 7.1 Aloktext 5 6.8 Manappuram 64 6.8 Welcorp 82 6.3 Raymond 479 5.2 Top Losers Price (`) Chg Feldvr 18 (3.9) Rtnpower 11 (3.7) Ajantpharm 1,469 (3.0) Fincables 351 (2.9) Fel 24 (2.8) As on June 21, 2016
Market Outlook Maruti to ramp up Baleno production, cut waiting period Country's largest car maker Maruti Suzuki India (MSIL) is ramping up production of premium hatchback Baleno to meet the current demand and reduce waiting period. The company is expected to start pilot production at the Gujarat plant in the January-March quarter next year. The company has wonderful product portfolio like Baleno, S-cross, Vitara and Brezza, which are doing very well in the market. MSIL has over 45,000 outstanding bookings of Baleno and Brezza each. Baleno, launched in last October, has a waiting period of 6-8 months depending on the variant. MSIL has gradually doubled production of Baleno to around 12,000 a month in the past few months to meet domestic and export requirement. It is not only Maruti Suzuki alone. There are close to 250 (company) vendors in the supply chain. They also need to ramp up their production, investments and capacities. Maruti has started exporting Baleno to Japan from January this year. Currently total number of 'Nexa' outlets would also go up to 250 by the end of the current financial year, from 127 in April. The Gujarat plant will supply vehicles and components exclusively to MSIL, which has a capacity to make 2,50,000 vehicles annually in the first phase. MSIL expects that the auto industry may grow at 6-8% in the current financial year, while the company is expected to retain its market leader position with double digit growth. Economic and Political News India's FDI inflows may cross $60 billion this year Odisha clears investment proposals of `1,002cr UP wants 100% coal linkage for thermal power plants Corporate News SBI's ATM revenue jumps 47% to `310cr in FY16 Tata Power's arm acquires 30 MW solar project in Maharashtra Muthoot Finance completes acquisition of insurance broking arm
Market Outlook Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Rationale Amara Raja Batteries 14,707 861 1,076 25.0 To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. Bharat Electronics 30,808 1,284 1,414 10.2 Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL. HCL Tech 1,08,452 769 1,000 30.1 Stock is trading at attractive valuations & factors all bad news. HDFC Bank 2,95,087 1,166 1,262 8.3 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. Infosys 2,76,989 1,206 1,374 13.9 Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. LIC Housing Finance 24,469 485 592 22.0 Continues to grow its retail loan book at healthy pace with improvement in asset quality. Expect LICHF to post a healthy loan book which is likely to reflect in a strong earnings growth. NBCC 11,121 185 220 18.7 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. Voltas 10,679 323 407 26.1 Strong market positioning within the domestic AC markets to continue, EMP business set to revive Source: Company, Angel Research Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Bajaj Electricals 2,269 225 268 19.3 Blue Star 3,813 424 495 16.8 Dewan Housing 5,948 204 270 32.5 Equitas Holdings 5,916 176 235 33.2 IL&FS Transport 2,466 75 93 24.1 Jagran Prakashan 5,678 174 205 18.0 Mahindra Lifespace 1,891 461 554 20.2 Navkar Corporation 2,788 196 265 35.5 Radico Khaitan 1,172 88 125 41.9 Siyaram Silk Mills 982 1,048 1,347 28.6 Source: Company, Angel Research Rationale 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 AC industry to augur well for Cooling products business. 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. 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 visibility in short-to-long run, attractive valuations Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.
Market Outlook Key Upcoming Events Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Jun 22, 2016 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (7.00) (7.00) 7:30PM US Existing home sales Million May 5.45 5.55 Jun 23, 2016 1:00PM Germany PMI Services Value Jun P 55.20 55.00 6:00PM US Initial Jobless claims Thousands Jun 18 277.00 270.00 1:00PM Germany PMI Manufacturing Value Jun P 52.10 52.00 6:00PM US GDP Qoq (Annualised) % Change 1Q T 0.80 1.00 Jun 28, 2016 7:30PM US New home sales Thousands May 619.00 560.00 7:30PM US Consumer Confidence S.A./ 1985=100 Jun 92.60 93.05 Jun 30, 2016 1:25PM Germany Unemployment change (000's) Thousands Jun (11.00) -- 2:00PM UK GDP (YoY) % Change 1Q F 2.10 -- Jul 1, 2016 2:00PM UK PMI Manufacturing Value Jun 50.10 -- 6:30AM China PMI Manufacturing Value Jun 50.10 50.10 Jul 7, 2016 2:00PM UK Industrial Production (YoY) % Change May 1.60 -- Jul 8, 2016 India Imports YoY% % Change Jun (13.20) -- India Exports YoY% % Change Jun (0.80) -- 6:00PM US Change in Nonfarm payrolls Thousands Jun 38.00 -- 6:00PM US Unnemployment rate % Jun 4.70 -- Jul 10, 2016 5:30PM India Industrial Production YoY % Change May (0.80) -- Jul 12, 2016 7:00AM China Consumer Price Index (YoY) % Change Jun 2.00 -- Jul 13, 2016 China Exports YoY% % Change Jun (4.10) -- Jul 14, 2016 4:30PM UK BOE Announces rates % Ratio Jul 14 0.50 -- US Producer Price Index (mom) % Change Jun 0.50 -- 12:00PM India Monthly Wholesale Prices YoY% % Change Jun 0.79 -- Jul 15, 2016 2:30PM Euro Zone Euro-Zone CPI (YoY) % Jun F (0.10) -- 6:00PM US Consumer price index (mom) % Change Jun 0.20 -- 6:45PM US Industrial Production % Jun (0.42) -- 7:30AM China Industrial Production (YoY) % Change Jun 6.00 -- 6:00PM US Housing Starts Thousands Jun 1,164.00 -- Source: Bloomberg, Angel Research
Market Outlook h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends 9.0 8.0 7.0 6.0 5.0 4.0 3.0 6.7 1QFY14 7.8 2QFY14 6.4 3QFY14 5.8 4QFY14 7.5 1QFY15 8.3 2QFY15 6.6 6.7 3QFY15 4QFY15 7.6 7.7 1QFY16 2QFY16 7.2 3QFY16 7.9 4QFY16 12.0 10.0 8.0 6.0 4.0 2.0 - (2.0) (4.0) (6.0) 4.2 4.3 Jun-15 Jul-15 6.3 Aug-15 3.7 Sep-15 9.9 Oct-15 (3.4) Nov-15 (0.9) Dec-15 (1.6) Jan-16 2.0 Feb-16 0.3 Mar-16 (0.8) Apr-16 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 7.0 6.0 5.0 4.0 5.4 3.7 3.7 4.4 5.0 5.4 5.6 5.7 5.3 4.8 5.5 5.8 54.0 52.0 50.0 3.0 2.0 1.0 48.0 46.0-44.0 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 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 May-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 7.50 7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 Repo rate Reverse Repo rate CRR Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jul-15 Jul-15 Aug-15 Sep-15 Sep-15 Oct-15 Nov-15 Nov-15 Dec-15 Jan-16 Feb-16 Feb-16 Mar-16 Apr-16 Apr-16 May-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research
Market Outlook h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries 8.0 6.0 4.0 2.0 - (2.0) (4.0) Brazil Russia (1.2) 5.3 India 6.7 China (0.2) South Africa 4.9 Indonesia 4.2 Malaysia 3.2 Thailand 2.1 2.0 UK USA 1.3 1.4 Germany France 0.1 Japan (6.0) (5.4) (8.0) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries 10.0 8.0 6.0 4.0 2.0 - (3.8) (1.8) 7.5 6.5 0.6 4.9 4.4 3.0 1.9 2.4 1.5 1.1 0.5 (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) 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 - Brazil Russia 12.8 6.9 18.2 12.4 16.9 17.2 India China South Africa Indonesia Malaysia 15.3 14.2 15.6 15.8 11.7 13.4 12.4 Thailand UK USA Germany France Japan Source: IMF, Angel Research
Market Outlook h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 50,838 1.4 0.0 (4.3) Russia Micex 1,904 0.7 0.7 14.5 India Nifty 8,220 6.1 9.6 2.1 China Shanghai Composite 2,879 2.3 (2.8) (43.9) South Africa Top 40 46,912 1.3 1.1 1.6 Mexico Mexbol 45,705 1.2 0.5 0.6 Indonesia LQ45 833 3.4 (2.3) (1.4) Malaysia KLCI 1,638 0.5 (5.0) (4.9) Thailand SET 50 908 2.7 0.9 (9.2) USA Dow Jones 17,830 2.3 1.2 (1.7) UK FTSE 6,227 2.9 0.4 (9.0) Japan Nikkei 16,169 (3.4) (4.7) (20.7) Germany DAX 10,016 1.0 0.7 (12.7) France CAC 4,367 0.3 (1.4) (8.8) Source: Bloomberg, Angel Research
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 216-4,195 1,612 1,911 13.3 13.3 7.4 9.5 29.2 22.7 4.7 4.2 16.7 18.4 2.6 2.2 United Phosphorus Buy 562 684 24,100 13,083 15,176 18.5 18.5 31.5 37.4 17.9 15.0 3.6 3.0 21.4 21.4 2.0 1.7 Auto & Auto Ancillary Ashok Leyland Accumulate 102 111 29,071 17,995 21,544 11.4 11.6 3.4 4.7 30.0 21.7 5.3 4.8 17.7 22.2 1.6 1.3 Bajaj Auto Neutral 2,625-75,965 22,709 25,860 20.9 20.1 129.0 143.6 20.4 18.3 6.2 5.4 30.7 29.4 2.9 2.5 Bharat Forge Buy 756 875 17,595 7,351 8,318 19.9 19.7 31.2 36.5 24.2 20.7 4.3 3.7 19.3 19.2 2.5 2.2 Eicher Motors Accumulate 18,688 20,044 50,759 15,556 16,747 15.5 17.3 464.8 597.5 40.2 31.3 14.7 10.8 36.2 34.3 3.2 2.9 Gabriel India Accumulate 94 101 1,352 1,415 1,544 8.7 9.0 4.6 5.4 20.5 17.4 3.7 3.3 18.1 18.9 0.9 0.8 Hero Motocorp Neutral 3,049-60,880 28,244 30,532 15.5 15.9 156.7 168.5 19.5 18.1 7.8 6.6 39.9 36.4 2.0 1.8 Jamna Auto Industries Neutral 169-1,352 1,281 1,473 11.2 11.5 7.6 9.2 22.3 18.4 5.6 4.6 25.4 25.2 1.1 1.0 L G Balakrishnan & Bros Neutral 457-717 1,254 1,394 11.6 11.8 35.9 41.7 12.7 11.0 1.7 1.5 13.5 13.8 0.7 0.6 Mahindra and Mahindra Neutral 1,363-84,667 38,416 42,904 13.7 13.9 54.8 63.4 24.9 21.5 3.8 3.4 15.4 15.8 1.9 1.6 Maruti Neutral 4,158-125,602 57,865 68,104 16.4 16.7 176.3 225.5 23.6 18.4 4.6 3.9 19.4 21.2 1.9 1.6 Minda Industries Neutral 1,170-1,856 2,523 2,890 8.7 9.0 55.0 65.4 21.3 17.9 4.1 3.3 19.3 18.7 0.8 0.7 Motherson Sumi Neutral 301-39,854 39,343 45,100 8.8 9.1 10.1 12.5 29.8 24.1 9.5 7.4 35.3 34.4 1.1 1.0 Rane Brake Lining Buy 372 465 294 454 511 11.5 12.0 25.2 31.0 14.8 12.0 2.2 2.0 14.9 16.6 0.8 0.7 Setco Automotive Neutral 44-593 594 741 12.7 13.7 1.7 3.2 26.1 13.9 2.7 2.4 10.4 16.9 1.4 1.2 Tata Motors Neutral 485-140,029 259,686 273,957 13.0 13.4 25.9 29.5 18.7 16.4 2.5 2.1 8.0 9.0 0.7 0.7 TVS Motor Accumulate 296 330 14,070 11,263 13,122 6.9 8.5 9.2 15.0 32.2 19.7 7.4 5.8 22.7 29.6 1.2 1.0 Amara Raja Batteries Buy 861 1,076 14,707 4,690 5,429 17.5 17.5 28.5 35.3 30.3 24.4 7.0 5.7 23.1 25.9 3.1 2.7 Exide Industries Neutral 163-13,813 6,950 7,784 14.4 14.8 6.6 7.3 24.6 22.3 3.1 2.8 12.6 12.8 1.7 1.5 Apollo Tyres Buy 149 183 7,574 12,056 12,714 17.2 16.4 23.0 20.3 6.5 7.3 1.1 1.0 17.7 13.6 0.7 0.7 Ceat Buy 831 1,119 3,360 6,041 6,597 14.1 13.7 99.5 111.9 8.4 7.4 1.6 1.4 19.6 18.5 0.7 0.6 JK Tyres Neutral 89-2,007 7,446 7,669 15.2 14.0 19.6 18.4 4.5 4.8 1.1 0.9 25.2 19.5 0.7 0.6 Swaraj Engines Neutral 1,107-1,374 552 630 14.2 14.7 44.6 54.1 24.8 20.5 5.8 5.3 23.2 25.6 2.3 2.0 Subros Neutral 90-540 1,293 1,527 11.8 11.9 4.2 6.7 21.4 13.4 1.6 1.5 7.7 11.5 0.7 0.6 Indag Rubber Neutral 192-505 283 329 17.0 17.2 13.0 15.4 14.9 12.5 3.2 2.7 21.8 21.6 1.5 1.2 Capital Goods ACE Neutral 41-404 660 839 4.7 8.2 1.0 3.9 40.8 10.5 1.3 1.1 3.2 11.3 0.8 0.6 BEML Buy 858 1,157 3,574 3,277 4,006 6.0 8.9 36.2 64.3 23.7 13.4 1.6 1.5 5.7 11.7 1.2 0.9 Bharat Electronics Accumulate 1,284 1,414 30,808 7,295 8,137 20.0 16.8 56.5 58.7 22.7 21.9 3.4 3.0 42.1 44.6 3.4 2.9
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 Capital Goods Voltas Buy 323 407 10,679 5,857 6,511 7.5 7.9 11.7 12.9 27.6 25.0 4.5 4.0 17.1 16.7 1.8 1.6 BGR Energy Neutral 114-819 3,615 3,181 9.5 9.4 16.7 12.4 6.8 9.2 0.6 0.6 10.0 7.0 0.6 0.8 BHEL Neutral 122-29,824 33,722 35,272 10.8 11.7 10.5 14.2 11.6 8.6 0.9 0.8 7.0 9.0 1.0 0.9 Blue Star Buy 424 495 3,813 3,770 4,351 5.7 6.4 11.4 17.2 37.1 24.7 5.8 5.4 18.4 23.1 1.0 0.9 Crompton Greaves Neutral 72-4,538 13,484 14,687 4.9 6.2 4.5 7.1 16.1 10.2 1.1 1.1 7.2 10.8 0.5 0.4 Greaves Cotton Neutral 138-3,358 1,655 1,755 16.6 16.8 7.4 7.8 18.6 17.6 3.7 3.5 21.1 20.6 2.0 1.9 Inox Wind Buy 233 286 5,173 4,406 5,605 15.5 15.7 20.4 24.8 11.4 9.4 2.6 1.9 27.9 25.9 1.4 1.1 KEC International Neutral 137-3,522 8,791 9,716 6.1 6.8 5.4 8.2 25.4 16.7 2.5 2.3 10.0 14.0 0.6 0.6 Thermax Neutral 807-9,612 6,413 7,525 7.4 8.5 30.5 39.3 26.5 20.5 4.1 3.5 15.0 17.0 1.5 1.2 VATech Wabag Buy 579 681 3,158 2,722 3,336 7.9 8.1 19.5 24.6 29.7 23.6 3.1 2.8 11.1 12.4 1.2 1.0 Cement ACC Neutral 1,556-29,224 13,151 14,757 16.4 18.3 63.9 83.4 24.4 18.7 3.1 2.9 13.3 16.1 2.1 1.8 Ambuja Cements Neutral 240-37,284 11,564 12,556 19.4 20.7 8.9 10.1 27.0 23.8 3.4 3.2 12.8 13.8 2.9 2.6 HeidelbergCement Neutral 105-2,379 1,772 1,926 13.3 15.4 1.0 3.0 105.0 35.0 2.7 2.5 2.6 7.9 1.9 1.7 India Cements Neutral 104-3,185 4,216 4,840 18.0 19.5 4.0 9.9 25.9 10.5 1.0 1.0 4.0 9.5 1.1 0.9 JK Cement Neutral 647-4,521 3,661 4,742 10.1 15.8 7.5 28.5 86.2 22.7 2.6 2.3 7.5 22.9 1.7 1.3 J K Lakshmi Cement Neutral 390-4,594 2,947 3,616 16.7 19.9 11.5 27.2 34.0 14.4 3.2 2.8 9.8 20.8 2.0 1.6 Mangalam Cements Neutral 285-762 1,053 1,347 10.5 13.3 8.4 26.0 34.0 11.0 1.4 1.3 4.3 12.5 1.1 0.8 Orient Cement Neutral 163-3,338 1,854 2,524 21.2 22.2 7.7 11.1 21.2 14.7 3.0 2.6 13.3 15.7 2.5 1.8 Ramco Cements Neutral 555-13,209 4,036 4,545 20.8 21.3 15.1 18.8 36.7 29.5 4.5 4.0 12.9 14.3 3.8 3.3 Shree Cement^ Neutral 13,864-48,297 7,150 8,742 26.7 28.6 228.0 345.5 60.8 40.1 9.0 7.5 15.7 20.3 6.5 5.2 UltraTech Cement Neutral 3,352-91,996 24,669 29,265 18.2 20.6 82.0 120.0 40.9 27.9 4.4 3.9 11.3 14.7 3.8 3.2 Construction ITNL Buy 75 93 2,466 7,360 8,682 34.0 32.2 7.0 8.6 10.7 8.7 0.4 0.4 3.2 2.5 3.7 3.5 KNR Constructions Accumulate 562 603 1,580 937 1,470 14.3 14.0 44.2 38.6 12.7 14.6 2.5 2.2 15.4 15.4 1.8 1.1 Larsen & Toubro Accumulate 1,495 1,700 139,307 58,870 65,708 8.3 10.3 42.0 53.0 35.6 28.2 2.5 2.2 8.8 11.2 2.6 2.3 Gujarat Pipavav Port Neutral 160-7,730 629 684 51.0 52.2 6.4 5.9 25.0 27.1 3.3 3.0 15.9 12.7 11.9 10.8 MBL Infrastructures Buy 117 285 485 2,313 2,797 12.2 14.6 19.0 20.0 6.2 5.9 0.6 0.6 11.3 10.6 0.9 0.8 Nagarjuna Const. Neutral 75-4,181 7,892 8,842 8.8 9.1 3.0 5.3 25.1 14.2 1.3 1.2 5.0 8.5 0.8 0.6 PNC Infratech Buy 559 647 2,868 1,873 2,288 13.2 13.5 24.0 32.0 23.3 17.5 2.3 2.0 12.1 12.3 1.6 1.4 Simplex Infra Neutral 273-1,351 5,955 6,829 10.3 10.5 16.0 31.0 17.1 8.8 0.9 0.8 5.3 9.9 0.7 0.6
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 547-804 1,539 1,801 12.8 12.7 59.0 72.1 9.3 7.6 1.4 1.2 18.6 16.8 0.5 0.5 Sadbhav Engineering Neutral 288-4,944 3,186 3,598 10.2 10.3 8.0 9.0 36.0 32.0 3.4 2.9 9.4 9.9 1.9 1.7 NBCC Buy 185 220 11,121 5,838 7,428 6.0 7.9 5.2 8.2 35.6 22.6 1.1 0.9 21.9 28.2 1.7 1.2 MEP Infra Neutral 39-638 1,956 1,876 28.1 30.5 1.3 3.0 30.2 13.1 6.3 4.3 21.2 32.8 1.7 1.7 SIPL Neutral 99-3,487 675 1,042 62.4 64.7 - - 3.7 4.2 - - 16.8 11.3 Engineers India Neutral 201-6,771 1,667 1,725 13.5 16.0 9.7 11.4 20.7 17.6 2.4 2.4 11.7 13.4 2.9 2.9 Financials Allahabad Bank Neutral 60-4,367 8,569 9,392 2.8 2.9 16.3 27.5 3.7 2.2 0.4 0.3 7.6 11.9 - - Axis Bank Neutral 517-123,485 26,204 29,738 3.6 3.5 34.5 35.4 15.0 14.6 2.4 2.1 16.8 14.9 - - Bank of Baroda Neutral 150-34,551 18,802 21,088 2.0 2.2 (7.4) 13.0 11.5 1.2 0.9 (4.2) 7.3 - - Bank of India Neutral 96-8,981 15,972 17,271 1.9 2.0 15.3 33.4 6.3 2.9 0.3 0.3 3.6 7.6 - - Canara Bank Neutral 212-11,522 15,441 16,945 2.0 2.1 46.6 70.4 4.6 3.0 0.4 0.4 8.0 11.2 - - Dena Bank Neutral 36-2,421 3,440 3,840 2.1 2.3 7.3 10.0 5.0 3.6 0.4 0.3 6.1 7.9 - - Dewan Housing Finance Buy 204 270 5,948 1,828 2,225 2.9 3.0 24.9 29.7 8.2 6.9 1.3 1.1 15.1 16.1 - - Equitas Holdings Buy 176 235 5,916 679 1,076 12.4 11.7 6.2 6.7 28.5 26.3 3.6 2.6 13.3 12.5 - - Federal Bank Neutral 57-9,742 3,279 3,787 2.8 2.9 3.9 5.5 14.4 10.3 1.2 1.1 8.4 10.8 - - HDFC Neutral 1,238-195,684 10,358 11,852 3.3 3.3 41.1 47.0 30.1 26.3 5.7 5.2 24.7 24.9 - - HDFC Bank Accumulate 1,166 1,262 295,087 38,606 47,696 4.4 4.5 48.8 61.4 23.9 19.0 4.1 3.5 18.7 20.0 - - ICICI Bank Neutral 238-138,559 34,279 39,262 3.3 3.3 21.0 24.4 11.4 9.8 1.9 1.6 14.4 14.7 - - IDBI Bank Neutral 71-14,566 9,625 10,455 1.8 1.8 8.5 14.2 8.3 5.0 0.5 0.5 5.9 9.3 - - Indian Bank Neutral 141-6,772 6,160 6,858 2.5 2.5 24.5 29.8 5.8 4.7 0.5 0.4 7.7 8.6 - - LIC Housing Finance Buy 485 592 24,469 3,179 3,758 2.6 2.6 32.9 40.6 14.7 11.9 2.7 2.3 19.6 20.7 - - Oriental Bank Neutral 101-3,479 7,643 8,373 2.4 2.4 37.2 45.4 2.7 2.2 0.2 0.2 8.2 9.4 - - Punjab Natl.Bank Neutral 97-19,076 23,122 26,022 2.8 2.8 7.0 21.6 13.9 4.5 0.7 0.6 3.4 10.0 - - South Ind.Bank Neutral 20-2,734 1,965 2,185 2.5 2.5 2.5 3.3 8.1 6.1 0.8 0.7 9.5 11.7 - - St Bk of India Neutral 214-166,046 79,958 86,061 2.6 2.6 13.4 20.7 16.0 10.4 1.3 1.2 11.5 12.8 - - Union Bank Neutral 126-8,641 12,646 14,129 2.3 2.4 31.0 39.1 4.1 3.2 0.4 0.4 9.8 11.4 - - Vijaya Bank Neutral 36-3,591 3,536 3,827 1.9 1.9 5.5 6.7 6.5 5.4 0.5 0.5 7.8 8.8 - - Yes Bank Neutral 1,070-45,053 7,190 9,011 3.2 3.3 58.2 69.7 18.4 15.4 3.3 2.8 19.2 19.6 - - FMCG Asian Paints Neutral 981-94,093 15,534 17,445 17.7 16.8 18.4 19.6 53.4 50.0 18.9 17.8 34.6 35.6 5.9 5.3
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 Britannia Neutral 2,566-30,791 8,481 9,795 14.0 14.1 65.5 78.3 39.2 32.8 18.5 15.2 38.3 41.2 3.6 3.1 Colgate Neutral 883-24,010 4,136 4,632 22.5 23.3 22.2 25.3 39.8 34.9 24.2 21.5 68.6 67.5 5.7 5.1 Dabur India Neutral 310-54,507 9,370 10,265 17.6 17.3 7.3 8.1 42.2 38.3 11.0 10.0 31.7 30.6 5.6 5.1 GlaxoSmith Con* Accumulate 5,778 6,118 24,298 4,519 5,142 19.6 19.8 164.3 191.2 35.2 30.2 9.7 8.3 30.8 29.9 4.8 4.2 Godrej Consumer Neutral 1,568-53,380 9,003 10,335 18.1 18.7 34.1 41.8 46.0 37.5 9.9 8.5 23.9 24.8 6.1 5.3 HUL Neutral 872-188,742 33,299 35,497 17.1 17.1 18.9 20.0 46.2 43.6 40.5 35.2 87.6 80.8 5.5 5.1 ITC Accumulate 359 380 288,533 36,837 39,726 38.8 38.7 12.2 13.5 29.3 26.6 8.2 7.2 27.8 26.9 7.3 6.8 Marico Neutral 256-32,977 6,151 6,966 17.2 17.3 5.4 6.4 47.3 39.9 14.9 11.7 33.2 32.4 5.2 4.6 Nestle* Neutral 6,522-62,879 9,393 10,507 22.2 22.3 106.8 121.8 61.1 53.5 21.5 19.3 34.8 36.7 6.5 5.8 Tata Global Accumulate 125 137 7,918 8,635 9,072 9.8 9.9 5.8 7.2 21.6 17.4 1.9 1.8 6.8 7.4 1.0 0.9 Procter & Gamble Hygiene Buy 6,271 7,369 20,356 2,588 2,939 23.3 23.2 130.2 146.2 48.2 42.9 96.0 92.1 27.6 25.3 7.4 6.5 IT HCL Tech^ Buy 769 1,000 108,452 37,061 30,781 21.5 20.5 51.4 40.0 15.0 19.2 3.9 2.8 20.1 20.3 2.7 2.9 Infosys Accumulate 1,206 1,374 276,989 62,441 70,558 27.5 27.5 59.0 65.3 20.4 18.5 4.1 3.7 22.2 22.4 3.9 3.3 TCS Accumulate 2,647 3,004 521,631 108,646 122,770 28.3 28.3 123.7 141.0 21.4 18.8 7.1 6.5 33.1 34.6 4.3 3.8 Tech Mahindra Buy 537 700 52,157 26,494 30,347 16.3 17.0 32.2 37.5 16.7 14.3 3.6 3.1 21.7 21.8 1.7 1.5 Wipro Buy 560 680 138,422 50,808 56,189 23.7 23.8 37.3 40.7 15.0 13.8 2.9 2.6 19.2 17.7 2.2 1.8 Media D B Corp Neutral 378-6,942 2,025 2,187 27.4 27.4 17.4 18.9 21.7 20.0 4.9 4.5 22.9 23.7 3.4 3.1 HT Media Neutral 78-1,824 2,495 2,673 12.9 13.2 6.8 7.2 11.5 10.9 0.9 0.9 7.5 7.8 0.3 0.3 Jagran Prakashan Buy 174 205 5,678 2,107 2,355 33.5 28.0 10.1 10.8 17.3 16.1 4.0 3.5 23.3 21.7 2.8 2.4 Sun TV Network Neutral 365-14,382 2,510 2,763 71.8 71.5 21.9 24.8 16.7 14.7 4.0 3.6 22.8 24.3 5.2 4.7 Hindustan Media Ventures Neutral 274-2,014 914 1,016 21.7 21.5 21.9 23.3 12.5 11.8 2.3 1.9 18.0 16.2 1.6 1.4 Metals & Mining Coal India Buy 313 380 197,544 76,167 84,130 19.9 22.3 22.4 25.8 14.0 12.1 5.0 4.9 35.5 41.0 1.9 1.7 Hind. Zinc Neutral 176-74,556 14,641 14,026 50.4 50.4 17.7 16.0 10.0 11.0 1.5 1.4 16.2 13.2 2.7 2.6 Hindalco Neutral 123-25,451 104,356 111,186 8.7 9.5 6.7 11.1 18.3 11.2 0.7 0.6 3.5 5.9 0.8 0.7 JSW Steel Neutral 1,400-33,844 42,308 45,147 16.4 20.7 (10.3) 49.5 28.3 1.6 1.5 (1.0) 5.6 1.9 1.7 NMDC Neutral 92-36,495 8,237 10,893 46.6 44.5 10.0 11.7 9.3 7.9 1.0 0.9 12.5 13.0 4.2 3.2 SAIL Neutral 45-18,400 45,915 53,954 7.2 10.5 1.5 4.4 29.6 10.2 0.4 0.4 2.3 4.1 1.0 0.9 Vedanta Neutral 125-37,192 71,445 81,910 26.2 26.3 12.9 19.2 9.7 6.5 0.7 0.6 7.2 8.9 1.0 0.8 Tata Steel Neutral 334-32,424 126,760 137,307 8.9 11.3 6.4 23.1 52.5 14.5 1.1 1.0 2.0 7.1 0.8 0.8
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 Cairn India Neutral 138-25,929 11,323 12,490 49.4 51.0 20.7 20.7 6.7 6.7 0.4 0.4 6.4 6.1 1.4 0.7 GAIL Neutral 382-48,469 64,856 70,933 9.1 9.6 24.0 28.9 16.0 13.2 1.4 1.3 8.8 9.6 0.9 0.8 ONGC Neutral 217-185,996 154,564 145,998 36.8 37.4 20.8 22.6 10.5 9.6 1.0 0.9 10.1 9.7 1.4 1.6 Petronet LNG Neutral 284-21,296 29,691 31,188 5.8 6.2 12.8 13.4 22.2 21.2 3.3 3.0 15.8 14.8 0.8 0.7 Indian Oil Corp Accumulate 413 455 100,202 359,607 402,760 5.9 6.1 42.5 48.7 9.7 8.5 1.3 1.2 14.1 14.4 0.4 0.3 Reliance Industries Neutral 987-320,110 304,775 344,392 12.6 13.4 91.3 102.6 10.8 9.6 1.2 1.1 11.8 12.0 1.0 0.8 Pharmaceuticals Alembic Pharma Neutral 542-10,216 3,145 3,483 31.9 16.2 38.2 18.7 14.2 29.0 6.4 5.4 57.9 20.1 3.2 2.9 Aurobindo Pharma Accumulate 722 768 42,252 13,651 15,702 21.7 21.7 33.9 38.4 21.3 18.8 6.0 4.6 32.5 27.7 3.3 3.0 Aventis* Accumulate 4,186 4,738 9,641 2,049 2,375 15.4 17.3 115.4 153.5 36.3 27.3 5.9 4.6 19.3 25.8 4.5 3.7 Cadila Healthcare Buy 316 400 32,376 9,469 11,246 21.2 22.0 14.9 17.1 21.2 18.5 6.1 4.8 28.8 26.6 3.4 2.8 Cipla Neutral 483-38,800 13,372 15,378 16.4 17.4 18.8 21.6 25.7 22.4 3.3 2.9 13.3 13.7 2.9 2.8 Dr Reddy's Accumulate 3,050 3,476 52,006 15,471 17,479 24.6 24.6 138.2 152.4 22.1 20.0 4.1 3.5 19.7 18.7 3.3 2.9 Dishman Pharma Neutral 137-2,205 1,733 1,906 21.5 21.5 10.1 10.0 13.5 13.7 1.6 1.4 10.5 11.2 1.8 1.5 GSK Pharma* Neutral 3,507-29,703 2,741 3,528 16.5 18.9 44.2 60.1 79.3 58.4 17.5 17.4 21.2 29.9 10.5 8.2 Indoco Remedies Neutral 262-2,416 977 1,112 14.9 18.2 9.0 13.2 29.1 19.9 4.1 3.5 15.1 19.2 2.6 2.3 Ipca labs Buy 491 613 6,195 2,844 3,799 10.6 15.3 10.6 17.3 46.3 28.4 2.7 2.5 5.9 9.1 2.3 1.7 Lupin Buy 1,450 1,809 65,349 13,702 15,912 23.7 26.4 50.5 58.1 28.7 25.0 5.9 4.9 22.9 21.4 5.2 4.2 Sun Pharma Buy 736 944 177,121 27,744 31,129 26.0 30.0 22.0 28.0 33.5 26.3 4.9 4.0 18.3 18.7 6.2 5.4 Power Tata Power Neutral 73-19,825 35,923 37,402 22.6 22.8 4.1 5.2 18.1 14.2 1.4 1.3 7.5 9.3 1.5 1.4 NTPC Neutral 152-125,166 87,271 99,297 23.5 23.5 11.8 13.3 12.9 11.4 1.4 1.4 11.5 12.2 2.5 2.2 Power Grid Accumulate 156 170 81,430 20,702 23,361 86.7 86.4 12.1 13.2 12.9 11.8 1.9 1.7 15.6 15.1 8.9 8.2 Real Estate MLIFE Buy 461 554 1,891 826 1,011 20.1 21.9 22.7 30.7 20.3 15.0 1.2 1.1 6.0 7.4 4.2 3.2 Telecom Bharti Airtel Neutral 362-144,786 101,748 109,191 32.1 31.7 12.0 12.5 30.2 29.0 2.1 2.0 6.9 6.7 2.1 1.9 Idea Cellular Neutral 102-36,780 34,282 36,941 32.0 31.5 5.9 6.2 17.3 16.5 1.6 1.4 9.9 9.3 1.7 1.6 zothers Abbott India Neutral 4,495-9,552 2,715 3,153 14.5 14.1 134.3 152.2 33.5 29.5 8.4 6.9 27.4 25.6 3.2 2.7 Bajaj Electricals Buy 225 268 2,269 4,612 5,351 5.6 5.7 23.4 18.0 9.6 12.5 3.0 2.6 12.5 14.4 0.5 0.4 Finolex Cables Neutral 351-5,363 2,520 2,883 12.2 12.0 12.7 14.2 27.7 24.7 3.8 3.3 13.6 13.5 1.9 1.6 Goodyear India* Buy 521 631 1,202 1,800 1,600 11.7 11.5 58.7 52.9 8.9 9.9 2.0 1.7 24.6 18.7 0.4 0.4 Hitachi Neutral 1,279-3,477 1,779 2,081 7.8 8.8 21.8 33.4 58.7 38.3 9.5 7.7 17.4 22.1 2.0 1.7
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 Jyothy Laboratories Neutral 298-5,394 1,620 1,847 11.5 11.5 7.3 8.5 40.9 35.2 5.3 4.9 13.3 14.4 3.2 2.7 MRF Buy 31,843 45,575 13,505 20,316 14,488 21.4 21.1 5,488.0 3,798.0 5.8 8.4 2.0 1.6 41.1 21.2 0.6 0.8 Page Industries Neutral 13,558-15,122 1,929 2,450 19.8 20.1 229.9 299.0 59.0 45.4 26.0 18.1 52.1 47.1 7.9 6.2 Relaxo Footwears Neutral 487-5,848 1,767 2,152 12.3 12.5 19.3 25.1 25.3 19.4 6.2 4.8 27.7 27.8 3.4 2.7 Siyaram Silk Mills Buy 1,048 1,347 982 1,619 1,799 11.6 11.6 93.5 104.9 11.2 10.0 1.9 1.6 17.1 16.4 0.8 0.8 Styrolution ABS India* Neutral 601-1,056 1,271 1,440 8.6 9.2 32.0 41.1 18.8 14.6 1.9 1.7 10.7 12.4 0.8 0.7 TVS Srichakra Buy 2,341 2,932 1,792 2,035 2,252 15.9 15.3 248.6 268.1 9.4 8.7 4.1 3.0 43.6 33.9 0.9 0.8 HSIL Buy 257 310 1,860 2,123 2,384 16.1 16.5 15.0 18.9 17.1 13.6 1.3 1.2 8.0 9.4 1.2 1.1 Kirloskar Engines India Ltd Neutral 261-3,770 2,403 2,554 8.6 9.9 9.2 10.5 28.4 24.9 2.7 2.6 9.7 10.7 1.2 1.1 M M Forgings Buy 428 546 516 511 615 21.7 21.6 43.1 55.8 9.9 7.7 1.8 1.5 19.9 21.2 1.2 0.9 Banco Products (India) Neutral 142-1,013 1,208 1,353 11.0 12.3 10.8 14.5 13.1 9.8 1.5 1.3 11.9 14.5 0.8 0.7 Competent Automobiles Neutral 143-88 1,040 1,137 3.2 3.1 25.7 28.0 5.5 5.1 0.8 0.7 15.0 14.3 0.1 0.1 Nilkamal Neutral 1,152-1,719 1,871 2,031 10.7 10.5 63.2 69.8 18.2 16.5 3.0 2.6 17.6 16.6 1.0 0.9 Visaka Industries Accumulate 153 162 243 1,020 1,120 8.7 9.1 13.9 20.1 11.0 7.6 0.7 0.7 6.4 8.7 0.5 0.4 Transport Corporation of Neutral 311-2,380 2,830 3,350 8.8 9.0 14.4 18.3 21.6 17.0 3.3 2.9 15.4 17.1 1.0 0.8 India Elecon Engineering Neutral 63-682 1,359 1,482 10.3 13.7 0.8 3.9 78.0 16.1 1.3 1.2 1.6 7.8 0.9 0.8 Surya Roshni Buy 162 201 711 2,992 3,223 8.1 8.4 14.7 18.3 11.0 8.9 1.0 0.9 9.7 11.0 0.5 0.5 MT Educare Neutral 169-672 286 366 18.3 17.7 7.7 9.4 21.8 18.0 4.6 4.0 20.2 21.1 2.2 1.7 Radico Khaitan Buy 88 125 1,172 1,543 1,659 12.6 13.0 5.8 6.3 15.2 13.9 1.3 1.2 8.5 8.6 1.2 1.1 Garware Wall Ropes Buy 363 460 794 828 898 11.2 10.3 28.3 29.0 12.8 12.5 2.2 1.9 16.8 14.9 0.9 0.8 Wonderla Holidays Neutral 397-2,240 206 308 44.0 43.6 9.0 12.9 44.1 30.7 6.0 5.5 13.7 17.8 10.8 7.2 Linc Pen & Plastics Neutral 234-345 344 382 9.1 9.1 12.4 13.1 18.9 17.8 3.4 3.0 18.0 16.7 1.1 1.0 The Byke Hospitality Neutral 158-634 222 287 20.5 20.5 5.6 7.6 28.1 20.9 5.3 4.3 18.9 20.8 2.9 2.2 Interglobe Aviation Neutral 1,039-37,454 17,022 21,122 20.7 14.5 63.9 53.7 16.3 19.4 24.4 20.0 149.9 103.2 2.2 1.8 Coffee Day Enterprises Ltd Neutral 252-5,193 2,692 2,964 17.0 18.6-4.7-53.2 3.1 2.9 0.2 5.5 2.3 2.2 Navneet Education Neutral 93-2,226 998 1,062 24.1 24.0 5.8 6.1 16.3 15.3 3.6 3.2 22.0 20.6 2.3 2.2 Navkar Corporation Buy 196 265 2,788 347 408 43.2 42.9 6.7 6.8 29.3 28.9 2.2 2.0 7.3 6.9 8.5 7.7 UFO Moviez Neutral 527-1,455 558 619 32.0 33.2 22.5 30.0 23.4 17.6 2.8 2.4 12.0 13.8 2.5 2.1 VRL Logistics Neutral 305-2,782 1,725 1,902 16.5 16.7 12.2 14.6 25.1 20.9 5.2 4.6 20.8 21.9 1.8 1.6
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 Team Lease Serv. Neutral 909-1,554 2,565 3,229 1.3 1.5 15.2 22.8 59.9 39.9 4.8 4.3 8.0 10.7 0.5 0.4 S H Kelkar & Co. Neutral 216-3,125 928 1,036 15.3 15.1 4.9 6.1 43.8 35.4 4.1 3.8 9.4 10.7 3.3 2.9 Quick Heal Neutral 267-1,872 339 408 27.8 27.3 7.1 7.7 37.8 34.5 3.2 3.2 8.5 9.3 4.4 3.7 Narayana Hrudaya Neutral 321-6,565 1,603 1,873 10.9 11.5 1.0 2.6 337.2 121.5 8.1 7.5 2.4 6.1 4.2 3.6 Manpasand Bever. Neutral 540-2,703 540 836 19.9 19.6 10.2 16.9 52.7 32.0 4.3 3.8 8.1 12.0 4.7 3.0 Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 21, 2016
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