market outlook 13-04-2016
Post on 07-Jul-2018
213 Views
Preview:
TRANSCRIPT
-
8/18/2019 Market Outlook 13-04-2016
1/16
www.angelbroking.com
Market Outlook
April 13, 2016
Market Cues
Indian markets are expected to open on a Positive note tracking the SGX Nifty andGlobal Markets.
US stocks posted solid gains yesterday after initially showing a lack of direction. The strength in the markets was primarily led by energy stocks which gained on reportsof Saudi Arabia and Russia working toward an agreement to cut oil production.
European stocks rose and closed mostly higher on Tuesday at the end of a choppysession, helped by gains in Energy and Mining stocks owing to rising commodityprices.
The Indian markets ended on a strong note for a second consecutive session onTuesday, led by companies with higher rural exposure, which gained after theprivate forecaster Skymet forecasted an "above average" monsoon this year.
News Result Analysis Three Cheers for Indian economy. Low Inflation and positive IIP and above
normal monsoonDetailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocksRefer Pg6 onwards
Top PicksCompany Sector Rating CMP( )
Target( )
Upside( )
Amara Raja Auto & Auto Ancillary Buy 895 1,040 16.3
HCL Tech IT Buy 839 1,038 23.7
LIC Housing Financials Buy 479 592 23.6
Bharat Electronics Capital Goods Buy 1,184 1,414 19.5
Navkar Corporation Others Buy 182 265 45.8 More Top Picks on Pg4
Key Upcoming EventsDate Region Event Description PreviousReading ConsensusExpectations
Apr 13 US Producer Price Index (mom) (0.6) -
Apr 13 China Exports YoY% (25.40) 10.00
Apr 14 US Initial Jobless claims 267.00 270.00
Apr 14 US Consumer price index (mom) (0.20) 0.206.(6.(
More Events on Pg5
Domestic Indices Chg ( ) (Pts) (Close)
BSE Sensex 0.5 123 25,146
Nifty 0.5 38 7,709
Mid Cap 1.0 108 10,817
Small Cap 0.9 96 10,828
Bankex 0.5 90 18,080
Global Indices Chg ( ) (Pts) (Close)
Dow Jones 0.9 165 17,721
Nasdaq 0.8 39 4,872
FTSE 0.7 42 6,242
Nikkei 1.1 178 15,929
Hang Seng 0.3 64 20,504
Shanghai Com (0.3) (10) 3,024
Advances / Declines BSE NSE
Advances 1,536 960
Declines 1,098 604
Unchanged 122 76
Volumes ( Cr)
BSE 2,466
NSE 15,911
Net Inflows ( Cr) Net Mtd Ytd
FII 156 (917) (13,775)
MFs 291 (755) 63,263
Top Gainers Price ( ) Chg ( )
Escorts 169 10.5
Pvr 798 7.4
Wockpharma 1,029 6.3
Jisljaleqs 63 6.1
Petronet 258 5.8
Top Losers Price ( ) Chg ( )
Mrpl 64 (5.8)
Balramchin 104 (3.8)
Aloktext 5 (3.0)
Gmdcltd 65 (2.5)
Naukri 779 (2.4)
As on April 12, 2016
-
8/18/2019 Market Outlook 13-04-2016
2/16
www.angelbroking.com
Market Outlook April 13, 2016
Three Cheers for Indian economy. Low Inflation and positive IIPand above normal monsoon:
The IIP numbers have given a positive surprise with a growth of 2% for the monthof February 2016. After three months of drop the rise in the Industrial output
certainly speaks a positive word for the economy. The rise in IIP has got a boostfrom 9% growth in electricity generation and a 5% growth in mining output. The IIPnumbers had seen a decline of 0.5% in the month of Januray, 2016. If weconsider the cumulative data than the IIP numbers from April to February 2016 thegrowth is at 2.6%, little lower than the 2.8% reported in the same period previousyears.
What comes as another surprise is a further drop in the retail inflation. The CPIinflation for March, 2016 has fallen to 4.83% from 5.26% a month ago. Thoughthere were already expectations of falling inflation and hence the RBI had offered25 bps rate cut in the recent policy meet this paves way for further easing of rates
during the rest of the year. We expect the RBI has room for another 25 bps rate cutin the months to come. However, that would be possible only after furtherreduction in lending rates by the Banks.
The third and very encouraging set of news has been the expectations of an abovenormal monsoon for the India this year. After two consecutive years of belownormal rainfall the IMD has expects monsoon for the years to be 106% of normalwith a model error of 5%. We think all the things are falling in place for the Indianeconomy and see better days ahead.
Quarterly Bloomberg Brokers Consensus Estimate
Infosys Ltd Consol - April 15, 2016Particulars ( cr) 4QFY16E 4QFY15 y-o-y ( ) 3QFY16 q-o-q ( )
Net sales 16,566 13,411 23.5 15,902 4.2EBITDA 4,572 3,732 22.5 4,328 5.6
EBITDA margin (%) 27.6 27.8 27.2
Net profit 3,521 3,097 13.7 3,465 1.6
LIC Housing Finance Ltd - April 18, 2016Particulars ( cr) 4QFY16E 4QFY15 y-o-y ( ) 3QFY16 q-o-q ( )
PAT 461 378 22.0 419 10.2
Tata Consultancy Services Ltd Consol - April 18, 2016Particulars ( cr) 4QFY16E 4QFY15 y-o-y ( ) 3QFY16 q-o-q ( )
Net sales 28,368 24,220 17.1 27,364 3.7EBITDA 8,178 4,281 91.1 7,747 5.6EBITDA margin (%) 28.8 17.7 28.3
Net profit 6,284 5,906 6.4 6,083 3.3
Wipro Ltd Consol - April 20, 2016Particulars ( cr) 4QFY16E 4QFY15 y-o-y ( ) 3QFY16 q-o-q ( )
Net sales 13,467 12,142 10.9 12,861 4.7
EBITDA 2,911 2,753 5.7 2,673 8.9EBITDA margin (%) 21.6 22.7 20.8
Net profit 2,361 2,272 3.9 2,234 5.7
-
8/18/2019 Market Outlook 13-04-2016
3/16
www.angelbroking.com
Market Outlook April 13, 2016
Economic and Political News Govt initiates anti-dumping probe into imports of hot-rolled coils, plates At 106% rainfall, IMD predicts above-normal monsoon in 2016 Iron ore imports tank 63% in FY16 to 5.6 mt
Corporate News Axis Bank lowers lending rate by 15 bps to 8.95% RIL invite bids to develop deep sea fields, may end arbitration row with
government ITC goes online for lifestyle business growth TVS Infotech acquires majority stake in Blisslogix Technology
-
8/18/2019 Market Outlook 13-04-2016
4/16
-
8/18/2019 Market Outlook 13-04-2016
5/16
Date Company
Apr 15, 2016 Infosys
Apr 18, 2016 LIC Housing Fin., TCS, Mindtree
Apr 20, 2016 Wipro
Apr 21, 2016 IndusInd Bank, Infotech Enterprises
Apr 22, 2016 HDFC Bank, Cairn India
Apr 24, 2016 Persistent
Apr 26, 2016 Maruti, Axis Bank
Apr 27, 2016 Exide Industries, FAG Bearings, Elecon Engineering
Apr 28, 2016 Ambuja Cements, Dabur India
Apr 29, 2016 ICICI Bank, Aventis
May 2, 2016 HDFC
May 3, 2016 Godrej Consumer
May 4, 2016 Vesuvius India
Result Calendar
Source: Bloomberg, Angel Research
Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg DataLast Reported Estimated
Apr 13, 2016 US Producer Price Index (mom) % Change Mar (0.60) --
China Exports YoY% % Change Mar (25.40) 10.00
Apr 14, 2016 6:00 PM US Initial Jobless claims Thousands Apr 9 267.00 270.00
6:00 PM US Consumer price index (mom) % Change Mar (0.20) 0.20
2:30 PM Euro Zone Euro-Zone CPI (YoY) % Mar F (0.10) (0.10) 4:30 PM UK BOE Announces rates % Ratio Apr 14 0.50 0.50
Apr 15, 2016 India Imports YoY% % Change Mar (5.00) --
India Exports YoY% % Change Mar (5.66) --
6:45 PM US Industrial Production % Mar (0.52) (0.10)
7:30 AM China Industrial Production (YoY) % Change Mar 5.90 5.90
7:30 AM China Real GDP (YoY) % Change 1Q 6.80 6.70
Apr 18, 2016 2:00 PM India Monthly Wholesale Prices YoY% % Change Mar (0.91) (0.74)
Apr 19, 2016 6:00 PM US Housing Starts Thousands Mar 1,178.00 1,160.00
6:00 PM US Building permits Thousands Mar 1,177.00 1,208.00
Apr 20, 2016 7:30 PM US Existing home sales Million Mar 5.08 5.29 2:00 PM UK Jobless claims change % Change Mar (18.00) --
Apr 21, 2016 7:30 PM Euro Zone Euro-Zone Consumer Confidence Value Apr A (9.70) --
5:15 PM Euro Zone ECB announces interest rates % Apr 21 -- --
Apr 22, 2016 1:00 PM Germany PMI Services Value Apr P 55.10 --
1:00 PM Germany PMI Manufacturing Value Apr P 50.70 --
Apr 25, 2016 7:30 PM US New home sales Thousands Mar 512.00 --
Apr 26, 2016 7:30 PM US Consumer Confidence S.A./ 1985=100 Apr 96.20 --
Apr 27, 2016 2:00 PM UK GDP (YoY) % Change 1Q A 2.10 --
1:30 PM US FOMC rate decision % Apr 27 0.50 0.50
Apr 28, 2016 1:25 PM Germany Unemployment change (000's) Thousands Apr -- --
6:00 PM US GDP Qoq (Annualised) % Change 1Q A 1.40 --
Apr 29, 2016 2:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A 0.30 --
May 1,, 2016 6:30 AM China PMI Manufacturing Value Apr 50.20 --
Source: Bloomberg, Angel Research
April 13, 2016
Market Outlook
Key Upcoming Events
-
8/18/2019 Market Outlook 13-04-2016
6/16
-
8/18/2019 Market Outlook 13-04-2016
7/16
h
Market Outlook April 13, 2016
www.angelbroking.com www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research
(5.9)
(3.8)
5.3
6.8
0.6
5.0 4.5
2.82.1 2.0 2.1
1.40.7
(8.0)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
B r a z i
l
R u s s
i a
I n d i a
C h i n a
S o u
t h A f r i c a
I n d o n e s
i a
M a
l a y s
i a
T h a i
l a n d U
K U S A
G e r m a n y
F r a n c e
J a p a n
(%)
(3.0)(3.8)
7.3 6.8
1.4
4.7 4.7
2.5 2.5 2.61.5 1.2
0.6
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
B r a z
i l
R u s s
i a
I n d i a
C h i n a
S o u t
h A f r i c a
I n d o n e s i a
M a l a y s i a
T h a i
l a n d U
K U S A
G e r m a n y
F r a n c e
J a p a n
(%)
1 4
. 0
6 . 9
1 7
. 3
1 1
. 2
1 7
. 6
1 6
. 5
1 5
. 4
1 3
. 8
1 5
. 6
1 5
. 8
1 2
. 0
1 3
. 9
1 2
. 1
-2.04.06.08.0
10.012.014.016.018.020.0
B r a z
i l
R u s s
i a
I n d i a
C h i n a
S o u t
h
A f r i c a
I n d o n e s i a
M a l a y s i a
T h a i
l a n d U
K U S A
G e r m a n y
F r a n c e
J a p a n
(x)
-
8/18/2019 Market Outlook 13-04-2016
8/16
h
Market Outlook April 13, 2016
www.angelbroking.com www.angelbroking.com
Exhibit 4: Relative performance of indices across globeReturns ( )
Country Name of index Closing price 1M 3M 1YR
Brazil Bovespa 52,002 4.9 27.8 (2.1)
Russia Micex 1,899 1.2 12.9 14.6
India Nifty 7,709 2.4 1.9 (11.5)
China Shanghai Composite 3,024 8.9 (9.0) (20.8)
South Africa Top 40 45,751 (1.0) 5.8 (2.9)
Mexico Mexbol 45,091 1.3 10.9 0.2
Indonesia LQ45 836 0.3 8.8 (11.6)
Malaysia KLCI 1,715 1.1 3.6 (6.9)
Thailand SET 50 880 (0.9) 14.3 (12.9)
USA Dow Jones 17,721 4.3 8.4 (1.7)
UK FTSE 6,242 1.6 6.3 (12.0)
Japan Nikkei 15,929 (5.5) (10.0) (17.5)
Germany DAX 9,761 0.4 (0.6) (20.2)
France CAC 4,346 (1.8) 0.8 (16.2)
Source: Bloomberg, Angel Research
-
8/18/2019 Market Outlook 13-04-2016
9/16
-
8/18/2019 Market Outlook 13-04-2016
10/16
-
8/18/2019 Market Outlook 13-04-2016
11/16
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 590 - 868 1,539 1,801 12.8 12.7 59.0 72.1 10.0 8.2 1.5 1.3 18.6 16.8 0.6 0.5Sadbhav Engineering Neutral 276 - 4,736 3,481 4,219 10.7 10.8 8.2 11.7 33.7 23.6 3.2 2.8 10.3 13.5 1.6 1.4NBCC Accumulate 986 1,089 11,829 5,816 7,382 6.9 7.7 29.6 39.8 33.3 24.8 6.0 4.7 24.1 26.7 1.8 1.4
MEP Infra Neutral 42 - 681 1,956 1,876 28.1 30.5 1.3 3.0 32.2 14.0 6.8 4.6 21.2 32.8 1.8 1.7SIPL Neutral 102 - 3,600 675 1,042 62.4 64.7 - - 3.8 4.4 - - 17.0 11.5
Engineers India Neutral 170 - 5,716 1,667 1,725 13.5 16.0 9.7 11.4 17.5 14.9 2.1 2.0 11.7 13.4 2.2 2.2
Financials
Allahabad Bank Neutral 56 - 3,410 8,569 9,392 2.8 2.9 16.3 27.5 3.4 2.0 0.3 0.3 7.6 11.9 - - Axis Bank Accumulate 433 494 103,284 26,473 31,527 3.5 3.6 35.7 43.5 12.1 10.0 2.0 1.8 17.9 18.9 - -Bank of Baroda Neutral 149 - 34,355 18,485 21,025 1.9 2.0 13.5 21.1 11.1 7.1 0.9 0.8 7.3 10.6 - -
Bank of India Neutral 94 - 7,663 15,972 17,271 1.9 2.0 15.3 33.4 6.1 2.8 0.3 0.2 3.6 7.6 - -Canara Bank Neutral 190 - 10,325 15,441 16,945 2.0 2.1 46.6 70.4 4.1 2.7 0.4 0.3 8.0 11.2 - -
Dena Bank Neutral 29 - 1,894 3,440 3,840 2.1 2.3 7.3 10.0 4.1 2.9 0.3 0.3 6.1 7.9 - -Dewan Housing Finance Buy 192 270 5,613 1,892 2,277 2.9 2.9 25.9 30.8 7.4 6.3 1.1 1.0 15.3 15.9 - -
Federal Bank Neutral 44 - 7,576 3,477 3,999 3.0 3.0 5.0 6.2 8.8 7.1 0.9 0.8 10.6 11.9 - -HDFC Neutral 1,090 - 172,139 10,358 11,852 3.3 3.3 41.1 47.0 26.5 23.2 5.1 4.6 24.7 24.9 - -HDFC Bank Buy 1,064 1,262 268,999 38,309 47,302 4.3 4.3 49.3 61.1 21.6 17.4 3.7 3.2 18.5 19.7 - -
ICICI Bank Accumulate 229 254 132,955 34,279 39,262 3.3 3.3 21.0 24.4 10.9 9.4 1.8 1.6 14.4 14.7 - -IDBI Bank Neutral 70 - 14,309 9,625 10,455 1.8 1.8 8.5 14.2 8.2 4.9 0.5 0.5 5.9 9.3 - -
Indian Bank Neutral 99 - 4,762 6,160 6,858 2.5 2.5 24.5 29.8 4.1 3.3 0.3 0.3 7.7 8.6 - -LIC Housing Finance Buy 479 592 24,151 3,101 3,745 2.5 2.5 33.0 40.2 14.5 11.9 2.7 2.3 19.7 20.5 - -
Oriental Bank Neutral 90 - 2,685 7,643 8,373 2.4 2.4 37.2 45.4 2.4 2.0 0.2 0.2 8.2 9.4 - -Punjab Natl.Bank Neutral 83 - 16,386 23,638 26,557 2.8 2.8 17.9 27.2 4.7 3.1 0.5 0.4 8.5 12.0 - -
South Ind.Bank Neutral 18 - 2,383 1,965 2,185 2.5 2.5 2.5 3.3 7.1 5.3 0.7 0.6 9.5 11.7 - -St Bk of India Neutral 188 - 145,707 79,958 86,061 2.6 2.6 13.4 20.7 14.0 9.1 1.1 1.1 11.5 12.8 - -Union Bank Neutral 129 - 8,854 12,646 14,129 2.3 2.4 31.0 39.1 4.2 3.3 0.4 0.4 9.8 11.4 - -
Vijaya Bank Neutral 31 - 2,886 3,536 3,827 1.9 1.9 5.5 6.7 5.6 4.7 0.5 0.4 7.8 8.8 - -Yes Bank Neutral 859 - 36,143 7,190 9,011 3.2 3.3 58.2 69.7 14.8 12.3 2.6 2.2 19.2 19.6 - -
FMCG
Asian Paints Neutral 865 - 83,009 16,553 19,160 16.0 16.2 17.7 21.5 49.0 40.3 13.0 11.7 29.4 31.2 4.9 4.2Britannia Neutral 2,706 - 32,459 8,481 9,795 14.0 14.1 65.5 78.3 41.3 34.6 19.6 16.0 38.3 41.2 3.7 3.2
www.angelbroking.com
April 13, 2016
Stock Watch
-
8/18/2019 Market Outlook 13-04-2016
12/16
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
FMCG
Colgate Neutral 821 - 22,335 4,836 5,490 19.5 19.7 48.5 53.2 16.9 15.4 12.4 10.8 99.8 97.5 4.5 4.0Dabur India Neutral 262 - 46,054 9,370 10,265 17.1 17.2 7.3 8.1 35.7 32.3 10.8 8.8 33.7 30.6 4.8 4.4GlaxoSmith Con* Neutral 6,065 - 25,505 4,919 5,742 17.2 17.4 168.3 191.2 36.0 31.7 10.2 8.7 28.8 28.9 4.7 4.0
Godrej Consumer Neutral 1,345 - 45,793 10,168 12,886 16.1 16.1 32.1 38.4 41.9 35.0 8.5 7.9 19.7 21.0 4.6 3.6HUL Neutral 871 - 188,414 34,940 38,957 17.5 17.7 20.8 24.7 41.9 35.3 46.6 37.2 110.5 114.2 5.2 4.6
ITC Accumulate 323 359 259,643 36,804 38,776 37.9 37.9 12.2 12.9 26.5 25.0 7.3 6.5 27.7 25.8 6.6 6.3Marico Neutral 258 - 33,248 6,551 7,766 15.7 16.0 10.4 12.5 24.8 20.6 7.2 6.0 33.2 32.4 5.0 4.2
Nestle* Accumulate 6,136 6,646 59,159 11,291 12,847 22.2 22.3 158.9 184.6 38.6 33.2 20.2 18.2 55.0 57.3 5.1 4.4Tata Global Buy 118 144 7,469 8,635 9,072 9.8 9.9 6.5 7.6 18.2 15.6 1.8 1.7 6.8 7.4 0.8 0.8
IT
HCL Tech^ Buy 839 1,038 118,310 42,038 47,503 21.2 21.5 51.5 57.7 16.3 14.5 3.5 2.7 21.5 18.8 2.4 2.0Infosys Accumulate 1,182 1,347 272,455 61,850 69,981 27.5 27.5 59.4 65.7 19.9 18.0 4.2 3.6 21.2 20.1 3.7 3.1
TCS Accumulate 2,513 2,854 495,070 108,487 122,590 28.3 28.5 122.8 138.4 20.5 18.2 7.8 7.1 38.0 38.9 4.2 3.6Tech Mahindra Accumulate 464 530 44,931 26,524 29,177 16.2 17.0 28.8 33.6 16.1 13.8 3.1 2.6 19.3 19.1 1.5 1.3
Wipro Buy 568 680 140,386 50,808 56,189 23.7 23.8 37.3 40.7 15.2 14.0 2.9 2.7 19.2 17.7 2.2 1.9
Media
D B Corp Accumulate 311 356 5,706 2,241 2,495 27.8 27.9 21.8 25.6 14.3 12.1 3.7 3.3 26.7 28.5 2.5 2.2
HT Media Neutral 83 - 1,921 2,495 2,603 11.2 11.2 7.3 8.6 11.3 9.6 0.9 0.8 7.4 8.1 0.3 0.3Jagran Prakashan Buy 158 189 5,155 2,170 2,355 27.2 26.2 8.9 9.9 17.7 15.9 3.7 3.3 20.9 20.5 2.3 2.1Sun TV Network Neutral 360 - 14,177 2,779 3,196 70.2 70.5 22.8 27.3 15.8 13.2 3.9 3.5 26.7 28.3 4.9 4.2Hindustan Media
Ventures Neutral 250 - 1,834 920 1,031 20.0 20.0 19.2 20.9 13.0 12.0 2.1 1.8 16.4 15.3 1.5 1.3
Metals & Mining
Coal India Buy 274 380 173,353 76,167 84,130 19.9 22.3 22.4 25.8 12.2 10.6 4.4 4.3 35.5 41.0 1.6 1.4Hind. Zinc Accumulate 160 175 67,478 14,641 14,026 50.4 50.4 17.7 16.0 9.1 10.0 1.4 1.3 16.2 13.2 2.2 2.1
Hindalco Neutral 92 - 18,977 104,356 111,186 8.7 9.5 6.7 11.1 13.7 8.3 0.5 0.5 3.5 5.9 0.7 0.6JSW Steel Neutral 1,298 - 31,385 42,308 45,147 16.4 20.7 (10.3) 49.5 26.2 1.5 1.4 (1.0) 5.6 1.8 1.7NMDC Neutral 101 - 39,925 8,237 10,893 46.6 44.5 10.0 11.7 10.1 8.6 1.1 1.0 12.5 13.0 4.6 3.5
SAIL Neutral 43 - 17,883 45,915 53,954 7.2 10.5 1.5 4.4 28.8 9.9 0.4 0.4 2.3 4.1 1.0 0.9 Vedanta Neutral 91 - 26,860 71,445 81,910 26.2 26.3 12.9 19.2 7.0 4.7 0.5 0.4 7.2 8.9 0.8 0.6
Tata Steel Neutral 324 - 31,482 126,760 137,307 8.9 11.3 6.4 23.1 51.0 14.1 1.0 1.0 2.0 7.1 0.8 0.8
Oil & Gas
Cairn India Neutral 153 - 28,695 11,323 12,490 49.4 51.0 20.7 20.7 7.4 7.4 0.5 0.5 6.4 6.1 1.6 0.9
GAIL Neutral 367 - 46,496 64,856 70,933 9.1 9.6 24.0 28.9 15.3 12.7 1.3 1.2 8.8 9.6 0.9 0.8
www.angelbroking.com
April 13, 2016
Stock Watch
-
8/18/2019 Market Outlook 13-04-2016
13/16
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
ONGC Neutral 210 - 179,922 154,564 167,321 36.8 37.4 28.6 32.5 7.4 6.5 0.9 0.9 12.7 13.5 1.4 1.3Petronet LNG Neutral 258 - 19,384 29,691 31,188 5.8 6.2 12.8 13.4 20.2 19.3 3.0 2.7 15.8 14.8 0.7 0.7Indian Oil Corp Accumulate 415 455 100,748 359,607 402,760 5.9 6.1 42.5 48.7 9.8 8.5 1.3 1.2 14.1 14.4 0.4 0.3
Reliance Industries Accumulate 1,047 1,150 339,316 304,775 344,392 12.6 13.4 91.3 102.6 11.5 10.2 1.3 1.2 11.8 12.0 1.0 0.9
Pharmaceuticals
Alembic Pharma Neutral 546 - 10,291 3,274 3,802 26.9 19.4 35.0 28.7 15.6 19.0 6.9 5.2 55.6 31.2 3.1 2.6 Aurobindo Pharma Accumulate 784 856 45,880 14,923 17,162 22.0 23.0 35.7 42.8 22.0 18.3 6.5 4.9 34.0 30.2 3.4 2.9
Aventis* Neutral 4,380 - 10,086 2,082 2,371 17.4 20.8 118.2 151.5 37.1 28.9 5.4 4.4 19.9 25.5 4.5 3.8Cadila Healthcare Accumulate 318 352 32,509 10,224 11,840 21.0 22.0 14.6 17.6 21.8 18.0 6.0 4.7 30.8 29.0 3.2 2.7Cipla Buy 503 605 40,410 13,979 16,447 20.2 18.6 25.7 27.5 19.6 18.3 3.2 2.8 17.6 16.1 2.9 2.4
Dr Reddy's Buy 3,083 3,933 52,573 16,838 19,575 25.0 23.1 167.5 178.8 18.4 17.2 3.9 3.2 23.1 20.4 3.1 2.6Dishman Pharma Neutral 349 - 2,816 1,733 1,906 21.5 21.5 17.0 19.9 20.5 17.5 2.1 1.9 10.5 11.2 2.1 1.8
GSK Pharma* Neutral 3,676 - 31,133 2,870 3,158 20.0 22.1 59.5 68.3 61.8 53.8 18.2 18.7 28.5 34.3 10.3 9.5Indoco Remedies Neutral 273 - 2,514 1,033 1,199 15.9 18.2 9.4 13.6 29.0 20.1 4.3 3.7 15.7 19.7 2.5 2.2
Ipca labs Buy 484 900 6,101 3,363 3,909 12.9 18.6 13.4 28.0 36.1 17.3 2.6 2.3 7.4 14.0 2.1 1.8Lupin Neutral 1,536 - 69,196 13,092 16,561 25.0 27.0 50.4 68.3 30.5 22.5 6.3 5.0 22.8 24.7 5.0 3.8Sun Pharma Buy 824 950 198,213 28,163 32,610 25.8 30.7 17.4 26.9 47.3 30.6 4.5 3.9 13.0 16.6 6.5 5.4
Power
Tata Power Neutral 68 - 18,351 35,923 37,402 22.6 22.8 4.1 5.2 16.7 13.2 1.3 1.2 7.5 9.3 1.5 1.3NTPC Accumulate 136 146 111,932 87,271 99,297 23.5 23.5 11.8 13.3 11.6 10.2 1.3 1.2 11.5 12.2 2.3 2.1
Power Grid Buy 143 170 74,812 20,702 23,361 86.7 86.4 12.1 13.2 11.8 10.8 1.7 1.6 15.6 15.1 8.5 7.9
Real Estate
MLIFE Buy 436 554 1,790 697 1,011 14.9 19.3 13.8 20.1 31.6 21.7 1.2 1.1 3.8 5.3 3.9 2.6
TelecomBharti Airtel Neutral 350 - 139,729 101,748 109,191 32.1 31.7 12.0 12.5 29.1 28.0 2.0 1.9 6.9 6.7 2.0 1.8
Idea Cellular Neutral 113 - 40,848 34,282 36,941 32.0 31.5 5.9 6.2 19.2 18.3 1.8 1.6 9.9 9.3 1.8 1.7
zOthers
Abbott India Neutral 4,786 - 10,170 2,715 3,153 14.5 14.1 134.3 152.2 35.7 31.4 8.9 7.3 27.4 25.6 3.5 2.9
Bajaj Electricals Accumulate 217 237 2,190 4,719 5,287 5.2 5.8 8.6 12.7 25.4 17.1 2.9 2.5 11.4 14.8 0.5 0.4Finolex Cables Neutral 281 - 4,295 2,520 2,883 12.2 12.0 12.7 14.2 22.2 19.8 3.0 2.7 13.6 13.5 1.5 1.2Goodyear India* Accumulate 510 582 1,176 1,800 1,600 11.7 11.5 58.7 52.9 8.7 9.6 2.0 1.7 24.6 18.7 0.4 0.4
Hitachi Neutral 1,195 - 3,249 1,779 2,081 7.8 8.8 21.8 33.4 54.8 35.7 8.9 7.2 17.4 22.1 1.9 1.6Jyothy Laboratories Neutral 304 - 5,505 1,620 1,847 11.5 11.5 7.3 8.5 41.7 35.9 5.4 5.0 13.3 14.4 3.3 2.8
MRF Buy 36,329 45,575 15,408 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.6 9.6 2.3 1.8 41.1 21.2 0.7 0.9
www.angelbroking.com
April 13, 2016
Stock Watch
-
8/18/2019 Market Outlook 13-04-2016
14/16
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
Page Industries Neutral 12,852 - 14,335 1,929 2,450 19.8 20.1 229.9 299.0 55.9 43.0 24.7 17.1 52.1 47.1 7.5 5.9Relaxo Footwears Neutral 488 - 5,854 1,767 2,152 12.3 12.5 19.3 25.1 25.3 19.5 6.2 4.8 27.7 27.8 3.4 2.7Siyaram Silk Mills Buy 1,010 1,354 947 1,636 1,815 11.5 11.5 89.9 104.1 11.2 9.7 1.9 1.6 17.9 17.8 0.7 0.7
Styrolution ABS India* Neutral 599 - 1,053 1,271 1,440 8.6 9.2 32.0 41.1 18.7 14.6 1.9 1.7 10.7 12.4 0.8 0.7TVS Srichakra Buy 2,496 3,217 1,911 2,035 2,252 15.9 15.3 248.6 268.1 10.0 9.3 4.4 3.2 43.6 33.9 1.0 0.8
HSIL Neutral 302 - 2,184 2,123 2,384 16.1 16.5 15.0 18.9 20.1 16.0 1.6 1.5 8.0 9.4 1.4 1.2Kirloskar Engines IndiaLtd Neutral 233 - 3,372 2,403 2,554 8.6 9.9 9.2 10.5 25.4 22.2 2.4 2.3 9.7 10.7 1.0 1.0
M M Forgings Buy 455 614 549 511 615 21.7 21.6 43.1 55.8 10.6 8.2 1.9 1.6 19.9 21.2 1.3 1.0Banco Products (India) Neutral 122 - 873 1,208 1,353 11.0 12.3 10.8 14.5 11.3 8.4 1.3 1.2 11.9 14.5 0.7 0.6
Competent Automobiles Neutral 150 - 92 1,040 1,137 3.2 3.1 25.7 28.0 5.8 5.3 0.9 0.8 15.0 14.3 0.1 0.1Nilkamal Neutral 1,334 - 1,990 1,871 2,031 10.7 10.5 63.2 69.8 21.1 19.1 3.4 3.0 17.6 16.6 1.1 1.0
Visaka Industries Buy 122 144 194 1,086 1,197 9.9 10.3 21.5 28.8 5.7 4.2 0.5 0.5 9.6 11.6 0.4 0.3Transport Corporation ofIndia Neutral 272 - 2,069 2,830 3,350 8.8 9.0 14.4 18.3 18.9 14.9 2.9 2.5 15.4 17.1 0.9 0.7
Elecon Engineering Neutral 63 - 686 1,359 1,482 10.3 13.7 0.8 3.9 78.4 16.2 1.3 1.2 1.6 7.8 0.9 0.8Surya Roshni Buy 153 201 670 2,992 3,223 8.1 8.4 14.7 18.3 10.4 8.3 1.0 0.9 9.7 11.0 0.5 0.5
MT Educare Neutral 175 - 698 286 366 18.3 17.7 7.7 9.4 22.7 18.7 4.8 4.2 20.2 21.1 2.3 1.8Radico Khaitan Buy 87 156 1,163 1,517 1,635 12.7 13.4 5.8 7.1 15.0 12.3 1.3 1.2 8.6 9.6 1.2 1.1Garware Wall Ropes Buy 340 473 744 862 974 11.2 11.2 24.9 29.6 13.7 11.5 2.1 1.8 15.1 15.4 0.9 0.7
Wonderla Holidays Neutral 380 - 2,144 206 308 44.0 43.6 9.0 12.9 42.2 29.4 5.8 5.2 13.7 17.8 10.3 6.9Linc Pen & Plastics Neutral 188 - 278 340 371 8.3 8.9 10.8 13.2 17.4 14.2 2.8 2.4 16.0 17.1 0.9 0.8
The Byke Hospitality Neutral 155 - 622 222 287 20.5 20.5 5.6 7.6 27.5 20.5 5.2 4.3 18.9 20.8 2.8 2.2Interglobe Avia tion Neut ral 1 ,004 - 36,182 17,022 21,122 20.7 14.5 63.9 53.7 15.7 18.7 23.6 19.3 149.9 103.2 2.2 1.7Coffee Day EnterprisesLtd Neutral 231 - 4,762 2,692 2,964 17.0 18.6 - 4.7 - 48.8 2.8 2.7 0.2 5.5 2.2 2.0Navneet Education Neutral 82 - 1,964 998 1,062 24.1 24.0 5.8 6.1 14.3 13.5 3.2 2.8 22.0 20.6 2.1 1.9
Navkar Corporation Buy 182 265 2,592 365 436 38.3 37.5 5.6 5.9 32.2 30.9 2.0 1.9 6.3 6.1 7.9 6.8UFO Moviez Neutral 515 - 1,416 558 619 32.0 33.2 22.5 30.0 22.9 17.2 2.8 2.4 12.0 13.8 2.4 2.0
VRL Logistics Neutral 381 - 3,473 1,725 1,902 16.5 16.7 12.2 14.6 31.3 26.1 6.5 5.7 20.8 21.9 2.2 1.9Team Lease Serv. Neutral 870 - 1,487 2,565 3,229 1.3 1.5 15.2 22.8 57.3 38.2 4.6 4.1 8.0 10.7 0.5 0.4
S H Kelkar & Co. Neutral 238 - 3,443 928 1,036 15.3 15.1 4.9 6.1 48.2 39.0 4.5 4.2 9.4 10.7 3.6 3.2
www.angelbroking.com
April 13, 2016
Stock Watch
-
8/18/2019 Market Outlook 13-04-2016
15/16
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
Quick Heal Neutral 223 - 1,562 339 408 27.8 27.3 7.1 7.7 31.5 28.8 2.7 2.7 8.5 9.3 3.5 3.0Narayana Hrudaya Neutral 300 - 6,122 1,603 1,873 10.9 11.5 1.0 2.6 314.4 113.3 7.6 7.0 2.4 6.1 4.0 3.4Manpasand Bever. Neutral 493 - 2,468 540 836 19.9 19.6 10.2 16.9 48.2 29.2 3.9 3.5 8.1 12.0 4.3 2.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 12, 2016
www.angelbroking.com
April 13, 2016
Stock Watch
-
8/18/2019 Market Outlook 13-04-2016
16/16
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India Limited. It is also registered as a Depository Participant withCDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is aregistered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration numberINH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownershipof more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served asan officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the companycovered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should makesuch investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companiesreferred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits andrisks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions andtrading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company'sfundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sourcesbelieved 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 forgeneral guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for anyloss 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 anyrepresentation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel BrokingPvt. 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 orin connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.
Market Outlook April 13, 2016
top related