market outlook, 06.05.13
TRANSCRIPT
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Market OutlookMay 6, 2013
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Market OutlookMay 6, 2013
Dealers Diary
The Indian markets are expected to open positive today tracking strong cues from
SGX Nifty. Meanwhile, major Asian indices except for Japan are trading in the
green today after faster-than-forecast U.S. employment growth bolstered optimismin the worlds largest economy.
The US stock markets moved sharply higher during trading on Friday with better
than expected employment data generating considerable buying interest With
stronger than expected job growth, the unemployment rate edged down to 7.5% in
April from 7.6% in March. The gains on the day lifted the Dow and the S&P 500 to
new record highs, while the Nasdaq reached a new twelve-year high. The strong
performance of the U.S. markets led to surge in European markets with US jobs
data overshadowing the news that the Eurozone reduced its economic outlook.
Meanwhile, Indian shares fell on Friday, retracing from near 3-month highs
touched a day before, after the central bank cautioned it had limited room for
further monetary easing, overshadowing the 25-basis-point cut in key interest
rates, dragging down rate-sensitive stocks.
Markets TodayThe trend deciding level for the day is 19,621 / 5,958 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,699 19,823 / 5,986 6,028 levels. However, if NIFTY trades below
19,621 / 5,958 levels for the first half-an-hour of trade then it may correct up to
19,497 19,419 / 5,916 5,888 levels.
Indices S2 S1 PIVOT R1 R2SENSEX 19,419 19,497 19,621 19,699 19,823NIFTY 5,888 5,916 5,958 5,986 6,028
News Analysis RBI reduces repo rate by 25bp on expected lines Bharti Airtel to sell 5% to Qatar Foundation for US$1.26bn Result Review: Ambuja Cements, ACC, JAL, Gujarat Gas,Honeywell Auto Result Preview: South Indian Bank
Refer detailed news analysis on the following page
Net Inflows (May 02, 2013)
` cr Purch Sales Net MTD YTDFII 4,732 3,119 1,613 1,613 62,771
MFs 571 869 (297) (297) (8,888)
FII Derivatives (May 03, 2013)` cr Purch Sales Net Open InterestIndex Futures 1,604 1,616 (13) 12,167
Stock Futures 1,928 2,613 (685) 24,757
Gainers / LosersGainers Losers
Company Price (`) chg (%) Company Price (`) chg (%)MCX 993 6.9 JSW ENERGY 64 (5.1)
Dabur India 160 6.5 Canara Bank 395 (4.2)
Adani Ports 155 6.2 Power Finance 191 (4.0)
Reliance Comm 110 4.9 Gujarat Mnrl 152 (3.8)
Jindal Steel 319 4.2 Tata Motors 285 (3.8)
Domestic Indices Chg (%) (Pts) (Close)BSE Sensex (0.8) (160) 19,576
Nifty (0.9) (55) 5,944
MID CAP (0.3) (17) 6,376
SMALL CAP (0.4) (23) 6,032
BSE HC 0.2 19 8,759
BSE PSU (1.5) (105) 6,808
BANKEX (2.4) (348) 14,184
AUTO (1.5) (165) 10,831
METAL 1.4 125 8,787
OIL & GAS (1.0) (87) 8,707
BSE IT 0.4 26 5,881
Global Indices Chg (%) (Pts) (Close)Dow Jones 1.0 142 14,974NASDAQ 1.1 38 3,379
FTSE 0.9 61 6,521
Nikkei (0.8) (105) 13,694
Hang Sang 0.1 22 22,690
Straits Times (1.0) (32) 3,370
Shanghai Com 1.5 32 2,205
Indian ADR Chg (%) (Pts) (Close)INFY 1.9 0.8 $43.4
WIT 2.9 0.2 $8.1IBN (3.4) (1.6) $45.1
HDB (3.2) (1.4) $41.7
Advances / Declines BSE NSEAdvances 1,027 524
Declines 1,339 842
Unchanged 137 77
Volumes (` cr)BSE 2,230
NSE 11,842
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Market OutlookMay 6, 2013
RBI reduces repo rate by 25bp on expected lines
The Reserve Bank of India (RBI) in its Monetary Policy Review delivered on expected
lines and reduced the Repo Rate by 25bp from 7.50% to 7.25%. Consequently, the
Reverse Repo Rate stands adjusted to 6.25% and the Marginal Standing FacilityRate and Bank Rate stand adjusted to 8.25%. The Cash Reserve Ratio remains
unchanged at 4.00% of banks NDTL.
Notwithstanding, the recent correction in the international commodity prices (incl.
gold, crude etc.), the RBI expressed caution considering 1) the need to keep
differential with the global interest rates high, so as to keep attracting capital flows
to finance the precarious current account deficit, 2) the near-term upside risks to
inflationary expectations, stemming from supply-side bottlenecks, elevated food
inflation and the ongoing correction in administered fuel prices, and 3) the
elevated CPI inflation levels.
The RBI maintained a cautious stance and indicated that there is little space for
further monetary easing. While it acknowledged lower inflation trajectory going
ahead, it expressed caution with respect to the capital flows and the CAD, and as
a result, mentioned only limited headroom for further monetary easing. In line with
this, we expect another one or two rate cuts going ahead, while positive surprise in
forthcoming inflation readings, may provide further headroom.
Bharti Airtel to sell 5% to Qatar Foundation for US$1.26bn
In a move seen as a positive deleveraging exercise, Bharti Airtel on Friday decided
to sell a 5% stake to Doha-based Qatar Foundation Endowment for US$1.26bn
(`6,796cr) to strengthen its capital structure and fund its growth plans. According
to the structure of the deal, Bharti will issue fresh 199.9mn shares to Qatar
Foundation at`340 a share, which is at 7.3% premium to its closing price on May
2. The deal values the company at `135,920cr. Following the issuance of shares,
the promoter groups stake in the company will reduce to 65.12% from 68.55%.
Qatar Foundation Endowment is the investment vehicle for Qatar Foundation, a
non-profit organization wholly-owned by the Gulf state's royal family. The move to
deleverage is positive as it improves balance sheet strength and will help ease the
debt burden; Bharti Airtel currently has debt of ~`63,700cr. This will reduce the
net-debt to Ebitda ratio to 2.3:1 from 2.6:1. The company claimed the investment
would strengthen its capital structure and give it flexibility to deliver on its growth
strategy. The company faces payouts amounting to thousands of crores in
regulatory fees and spectrum charges in India. Its mobile permits are up for
renewal from next year as well. We currently maintain our Neutral rating on thestock.
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Market OutlookMay 6, 2013
Result Review
Ambuja Cements (CMP:`188/TP:-/Upside:-)
Ambuja cements posted a disappointing set of numbers for 1QCY2013. Top-line
fell by 3.4% yoy to`2,545cr with cement volumes declining by 4% on a yoy basis
and realization remaining flat yoy. OPM at 21.6% was down by 738bp on yoy
basis impacted by higher costs, freight costs in particular. However, during the
quarter company had `28cr of write back towards interest on income tax, which
boosted its other income. The company also wrote back `117cr of income tax
provision pertaining to previous which reduced its tax expense. Thus PAT came in
higher than estimates at`488cr, although EBITDA was below estimates at`553cr.
We maintain our neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*Dec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)CY2013E 10,592 25.0 1,672 10.8 18.1 17.4 3.0 8.9 165
CY2014E 11,883 25.5 1,966 12.7 19.4 14.8 2.7 7.4
ACC (CMP:`1,230/TP:1,361/Upside:11%)
ACCs top-line rose by 2.3% yoy to`2,956cr. The companys grey cement division
posted a 2.4% yoy decline in top-line as volumes fell by 4.5% yoy and realizations
improved only by 2% on a yoy basis. Thus, the yoy growth in topline was on
account of the merger of RMC business with the companys standalone operations.
OPM at 16.6% was down by 569bp on yoy basis impacted by higher costs. The
company wrote back `141cr of income tax provision pertaining to previous year
which reduced its tax expense. Thus PAT came in higher than estimates at`438cr,although EBITDA was below estimates at `492cr. We maintain our Accumulaterecommendation on the stock with a Target Price of `1,361.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/tonne*Dec (` cr) (%) (` cr) (`) (%) (x) (x) (x) (US $)CY2013E 11,955 21.0 1,478 78.7 19.0 15.6 2.8 7.9 117
CY2014E 13,208 22.4 1,856 98.8 21.4 12.5 2.5 6.3
Note: Computed on TTM basis
Jaiprakash Associates (CMP:`75/ TP: under review)
For 4QFY2013, Jaiprakash Associates posted mixed set of numbers with subdue
performance on revenue however earnings were lower than our estimate owing to
lower-than-expected operating performance. On the top-line front, companys
reported a revenue of`3,907cr in 4QFY2013 (against our estimate of`3,365cr),
indicating a decline of 3.8% yoy. The real estate segment had growth of 14.3% on
yoy basis however cement and construction segment revenues declined by 3.0%
and 13.4% respectively on yoy basis. Blended EBITDA margins decline by
222bp/424bp on a yoy/qoq basis to 22.9% and was below our expectation of
26.4%. This was mainly due to lower construction margins which came in at 19.1%
(a decline of 478bps yoy). Interest cost increased by 3.1% on sequential basis to`549cr basis and was higher than our estimate of`534cr. Depreciation cost came
in at`191cr in 4QFY13 a jump of 16.5%/5.2% on yoy/qoq basis. On the bottom-
line front, company reported a PAT of `124cr a decline of 56.5% yoy owing to
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Market OutlookMay 6, 2013
lower-than-expected operating operating and high interest cost. The stock rating iscurrently under review.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 14,914 24.9 570 2.6 4.3 28.0 1.2 11.7 2.9FY2015E 15,699 25.0 602 2.7 4.6 26.6 1.2 11.6 2.9
Gujarat Gas (CMP:`247, TP: -, Upside: -)
Gujarat Gas reported disappointing 1QCY2013 results. The companys top line
increased 6.1% yoy to `768cr mainly on account of higher realization partially
offset by lower volumes. Natural gas volume sold declined by 13.2% yoy to
264mmscm during the quarter. The decline was mainly in the industrial PNG
segment. The companys cost of goods sold increased by 8.1% yoy to`644cr on
account of higher proportion of expensive RLNG sales coupled with INR
depreciation against the US dollar. Hence, EBITDA declined by 5.6% yoy to`72cr.
Other income declined by 10.3% yoy to`26cr. Consequently companys net profit
declined by 9.2% yoy to`59cr. We maintain our Neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesDecember (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY13E 3,765 11.7 304 23.7 29.6 10.4 2.9 5.7 0.7
CY14E 3,910 12.4 330 25.7 28.2 9.6 2.5 5.0 0.6
Honeywell Auto(CMP:`2471/ TP: -/ Upside: -)
Honeywell Automation India Ltd. (HAIL) reported disappointing set of numbers for
1QCY2013. Top line came in 6.6% lower yoy to `385cr against our estimates of
`526cr. The companys EBITDA came in marginally higher by 1.2% yoy to`24cr
far lower than our estimate of `33cr. EBITDA margin was higher by 34 basis
points yoy and came in at 6.2%. The improvement in EBITDA was mainly on
account of lower raw material cost as percentage of sales by 677bp yoy which was
majorly offset due to total 643bp rise in employee and other expenses. Net profit
for the quarter stood at`15cr vis--vis`17cr in 1QCY2012 lower by 7.8% yoy, on
the back of poor revenue growth. Considering the poor performance of the
company, at current market price, we recommend Neutral rating on the stock.Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesSeptember (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)CY2013E 1,842 7.7 99 112 19.8 22.0 2.8 14.1 1.1
CY2014E 2,131 7.8 117 132 20.6 18.7 2.4 11.9 0.9
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Market OutlookMay 6, 2013
Result Preview
South Indian Bank - (CMP:`24/ TP: - / Upside: -)South Indian Bank is scheduled to announce its 4QFY2013 results today. We
expect the bank to report a healthy growth of 28.3% yoy in Net Interest Income
(NII) to`365cr, on back of expectation of loan growth of 20.0% yoy. Non-interest
income is expected to increase by 10.0% yoy to `91cr. Operating expenses are
expected to grow marginally by 1.5% yoy to `207cr. While, provisioning and tax
expenses are expected to increase to `47cr and `65cr, respectively during the
quarter, as against`12cr and`29cr, respectively in 4QFY2012. Hence, we expect
Net profit to grow by 11.5% yoy to`136cr. At the CMP, the stock is trading at 0.9x
FY2015E ABV. We recommend a Neutral rating on the stock.Y/E Op. Inc NIM PAT EPS ABV RoA RoE P/E P/ABVMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2014E 1,826 3.0 538 4.0 24.1 1.1 17.6 5.9 1.0
FY2015E 2,081 2.9 601 4.5 27.5 1.0 17.1 5.3 0.9
Quarterly Bloomberg Brokers Consensus Estimates
Adani Power (06/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,897 998 90 1,687 12
EBITDA 326 96 241 294 11
EBITDA margin (%) 17.2 9.6 17.4
Net profit (397) (290) 37 (507) (22)
Adani Ports & SEZ (06/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 839 617 36 868 (3)
EBITDA 589 458 29 666 (11)
EBITDA margin (%) 70.2 74.1 76.7
Net profit 379 339 12 415 (9)
Glenmark Pharma Consolidated (07/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 1,297 1,066 22 1,381 (6)
EBITDA 260 222 17 319 (19)
EBITDA margin (%) 20.0 20.8 23.1
Net profit 162 150 8 213 (24)
Shriram Transport Finance Company (07/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 361 308 17 346 4
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Market OutlookMay 6, 2013
ABB (08/05/2013)Particulars (` cr) 1QCY13E 1QCY12 y-o-y (%) 4QCY12 q-o-q (%)Net sales 1,851 1,773 4 2,053 (10)
EBITDA 103 98 6 67 55
EBITDA margin (%) 5.6 5.5 3.2
Net profit 51 48 8 17 206
HDFC (08/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net profit 1,482 1,326 12 1,140 30
Lupin Consolidated (08/05/2013)Particulars (` cr) 4QFY13E 4QFY12 y-o-y (%) 3QFY13 q-o-q (%)Net sales 2,404 1,883 28 2,466 (3)
EBITDA 541 373 45 605 (11)
EBITDA margin (%) 22.5 19.8 24.5Net profit 318 156 105 335 (5)
Ranbaxy Consolidated (08/05/2013)Particulars (` cr) 1QCY13E 1QCY12 y-o-y (%) 4QCY12 q-o-q (%)Net sales 2,683 3,695 (27) 2,670 0
EBITDA 246 1,015 (76) 81 203
EBITDA margin (%) 9.2 27.5 3.0
Net profit 151 1,247 (88) (127) (219)
Economic and Political News
No immediate upgrade of India's ratings: S&P 8% growth feasible for India: MD, Asian Development Bank No sovereign bond issue: Raghuram Rajan
Corporate News
Nalco might cut output by 25% due to coal shortages: Director Hunger strike at M & M Nashik plant continues Reliance Communications to raise call rates in discounted plans HCC to raise`1000cr to bring down its debt
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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Date Company
May 06, 2013 Mundra Port, Adani Power, South Ind.Bank
May 07, 2013 GSK Pharma, Shriram Trans., Glenmark Pharma., Allahabad Bank, UCO Bank, ITNL, Sintex, CEAT
May 08, 2013 HDFC, Ranbaxy, Lupin, ABB, Corporation Bank
May 09, 2013 Punjab Natl.Bank, Asian Paints, Union Bank, Indian Bank
May 10, 2013NTPC, Cummins India, Central Bank, Ashok Leyland, Apollo Tyres, United Bank, Punj Lloyd, Electrosteel Castings, ITDCementation
May 11, 2013 Dena Bank
May 12, 2013
May 13, 2013 Nestle, Amara Raja Batteries
May 14, 2013 Dr Reddy's, HT Media
May 16, 2013 Bajaj Auto
May 20, 2013 Adani Enterp., India Cements
Source: Bloomberg, Angel Research
Result Calendar
Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
May 6, 2013 1:25PM Germany PMI Services Value Apr F 49.20 --
May 8, 2013 4:29PM China Exports YoY% % Change Apr 10.00 10.00
May 9, 2013 2:00PM UK Industrial Production (YoY) % Change Mar (2.20) --
4:30PM UK BOE Announces rates % Ratio May 9 0.50 0.50
7:00AM China Consumer Price Index (YoY) % Change Apr 2.10 2.20
May 10, 2013 4:29PM India Imports YoY% % Change Apr (2.90) --
4:29PM India Exports YoY% % Change Apr 7.00 --
11:00AM India Industrial Production YoY % Change Mar 0.60 --
May 13, 2013 11:00AM China Industrial Production (YoY) % Change Apr 8.90 9.20
May 14, 2013 12:00PM India Monthly Wholesale Prices YoY% % Change Apr 5.96 --
May 15, 2013 2:00PM UK Jobless claims change % Change Apr (7.00) --
2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A (0.60) --
6:00PM US Producer Price Index (mom) % Change Apr (0.60) --
6:45PM US Industrial Production % Apr 0.41 --
11:30AM Germany GDP nsa (YoY) % Change 1Q P 0.10 --
May 16, 2013 2:30PM Euro Zone Euro-Zone CPI (YoY) % Apr F 1.70 --
6:00PM US Housing Starts Thousands Apr 1,036.00 --
6:00PM US Building permits Thousands Apr 907.00 --
6:00PM US Consumer price index (mom) % Change Apr (0.20) --May 21, 2013 2:00PM UK CPI (YoY) % Change Apr 2.80 --
May 22, 2013 7:30PM US Existing home sales Millions Apr 4.92 --
May 23, 2013 7:30PM Euro Zone Euro-Zone Consumer Confidence Value May A (22.30) --
2:00PM UK GDP (YoY) % Change 1Q P 0.60 --
7:30PM US New home sales Thousands Apr 417.00 --
Source: Bloomberg, Angel Research
May 06, 2013
Market Outlook
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Market OutlookMay 06, 2013
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Macro watch
Exhibit 1:Q uarterly G D P trends
Source: CSO, Angel Research
Exhibit 2:IIP trends
Source: MOSPI, Angel Research
Exhibit 3:M onthly WPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4:M a nufacturing a nd services PM I
Source: Ma rket, Angel Research; N ote: Level above 50 ind icates expansion
Exhibit 5:Expo rts an d impo rts growth trends
Source: Bloomberg, Angel Research
Exhibit 6:Key policy rates
Source: RBI, Angel Research
5.7
9.0
7.5
11.2
8.5
7.68.2
9.2
7.5
6.56.0
5.3 5.5 5.34.5
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%)
(2.8)
(1.3)
2.5
(2.0)
(0.1)
2.0
(0.7)
8.4
(1.0)(0.5)
2.4
0.6
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
Mar-12
Apr-12
Ma-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
(%)
7.5 7.6 7.6 7.58.0 8.1
7.3 7.2 7.36.6 6.8
6.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-13
(%)
48.0
50.0
52.0
54.0
56.0
58.0
Feb
-12
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-13
Mfg. PMI Services PMI
(30.0)
(15.0)
0.0
15.0
30.0
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Feb
-13
Exports yoy growth Imports yoy growth(%)
7.50
6.50
4.003.00
4.00
5.00
6.00
7.00
8.00
9.00
Apr-12
Ma-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oc-1
2
No-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-13
Repo rate Reverse Repo rate CRR(%)
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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Agri / Agri Chemical
Rallis Neutral 137 - 2,663 1,657 1,906 14.1 14.1 7.7 8.9 17.8 15.4 3.7 3.1 22.2 21.9 1.5 1.3
United Phosphorus Buy 144 232 6,371 10,298 11,310 16.5 16.5 20.5 23.2 7.0 6.2 1.2 1.0 18.0 17.4 0.6 0.5
Auto & Auto Ancillary
Amara Raja Batteries Buy 261 326 4,456 3,418 3,892 15.1 14.9 19.8 21.7 13.2 12.0 3.2 2.6 27.1 23.7 1.3 1.1
Apollo Tyres Neutral 99 - 4,985 14,401 15,841 11.4 11.5 13.6 15.9 7.3 6.2 1.2 1.0 18.4 18.2 0.5 0.4
Ashok Leyland Buy 23 27 6,013 13,833 16,192 9.6 9.7 2.0 2.7 11.5 8.5 1.9 1.7 12.1 15.2 0.5 0.4
Automotive Axle# Neutral 270 - 408 744 869 9.1 10.5 14.6 23.7 18.5 11.4 1.5 1.4 8.1 12.6 0.6 0.5Bajaj Auto Accumulate 1,812 2,014 52,433 22,552 25,498 18.6 18.6 117.9 134.3 15.4 13.5 5.6 4.4 40.2 36.6 1.9 1.6
Bharat Forge Neutral 229 - 5,337 6,198 6,793 14.6 14.9 14.5 17.3 15.8 13.2 2.1 1.8 13.6 14.7 1.0 0.9
Bosch India* Neutral 8,892 - 27,921 9,821 11,394 17.0 17.3 373.5 438.7 23.8 20.3 4.3 3.6 18.0 17.9 2.5 2.1
CEAT Buy 110 155 376 5,403 6,057 8.3 8.3 36.4 41.3 3.0 2.7 0.4 0.4 15.3 16.6 0.2 0.2
Exide Industries Accumulate 136 150 11,564 7,053 8,061 14.2 14.5 7.8 9.1 17.4 14.9 3.0 2.5 18.1 18.2 1.4 1.1
FAG Bearings* Neutral 1,422 - 2,364 1,525 1,742 14.5 15.7 88.4 109.5 16.1 13.0 2.3 2.0 15.5 16.5 1.4 1.2
Hero Motocorp Accumulate 1,610 1,819 32,148 25,274 27,658 14.1 13.7 110.2 139.9 14.6 11.5 5.3 4.2 39.8 40.7 1.1 0.9
JK Tyre Buy 111 154 456 7,972 8,754 7.1 7.1 37.5 44.0 3.0 2.5 0.5 0.4 16.4 16.6 0.3 0.3
Mahindra and Mahindra Neutral 959 - 58,899 44,550 50,260 11.4 11.7 59.6 68.3 16.1 14.1 3.3 2.8 22.3 21.6 1.1 0.9
Maruti Accumulate 1,666 1,847 48,118 48,455 55,723 11.2 10.9 107.8 123.2 15.4 13.5 2.3 2.0 16.2 16.0 0.8 0.7
Motherson Sumi Buy 190 222 11,178 28,442 31,493 7.5 7.8 12.5 14.8 15.2 12.9 3.8 3.0 27.5 25.8 0.5 0.5
Subros Accumulate 26 30 157 1,479 1,685 10.0 9.9 5.5 7.5 4.8 3.5 0.5 0.5 11.1 13.7 0.4 0.3
Tata Motors Accumulate 285 324 76,048 206,341 227,695 12.8 13.5 32.3 39.0 8.9 7.3 1.9 1.5 23.1 23.2 0.4 0.4
TVS Motor Neutral 39 - 1,869 7,715 8,584 6.0 6.1 5.0 5.8 7.9 6.8 1.4 1.2 18.1 18.5 0.2 0.1
Capital Goods
ABB* Reduce 525 452 11,123 8,073 9,052 5.5 7.2 11.3 17.4 46.6 30.2 4.0 3.7 8.9 12.8 1.4 1.2BGR Energy Neutral 200 - 1,440 4,114 4,886 11.4 10.7 24.9 28.0 8.0 7.1 1.1 1.0 25.2 22.6 0.7 0.6
BHEL Neutral 192 - 46,872 43,757 40,934 17.3 16.9 20.9 19.0 9.2 10.1 2.0 1.8 23.7 18.8 0.9 0.9
Blue Star Buy 162 230 1,454 2,896 3,087 5.6 6.2 9.3 11.7 17.4 13.8 2.9 2.5 17.6 19.2 0.6 0.5
Crompton Greaves Buy 94 117 6,059 13,790 15,095 6.4 7.4 6.9 9.4 13.7 10.1 1.5 1.4 11.7 14.5 0.5 0.4
Jyoti Structures Accumulate 32 34 263 3,074 3,355 9.0 8.8 8.7 10.2 3.7 3.1 0.3 0.3 10.4 11.1 0.3 0.2
KEC International Buy 53 67 1,352 7,750 8,631 6.8 7.0 7.7 9.2 6.9 5.7 1.0 0.9 20.8 20.8 0.3 0.3
Thermax Neutral 579 - 6,902 5,931 6,592 9.6 9.7 31.0 34.3 18.7 16.9 3.3 2.8 18.6 17.9 1.0 0.9
Cement
ACC Accumulate 1,230 1,361 23,089 12,182 13,435 21.0 22.4 78.7 98.8 15.6 12.5 2.8 2.5 19.0 21.4 1.6 1.4
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Market Outlook
Stock Watch
May 06, 2013
-
7/30/2019 Market Outlook, 06.05.13
10/16
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Cement
Ambuja Cements Neutral 188 - 29,034 10,681 11,991 25.0 25.5 10.8 12.8 17.4 14.8 3.0 2.7 18.1 19.4 2.2 1.9
India Cements Neutral 85 - 2,623 4,777 5,276 17.3 17.1 8.8 10.9 9.7 7.9 0.7 0.7 7.5 8.8 0.9 0.8
J K Lakshmi Cement Buy 96 143 1,130 2,313 2,728 19.8 20.7 16.6 23.1 5.8 4.2 0.8 0.6 13.6 16.5 1.0 0.8
Madras Cements Neutral 242 - 5,754 4,293 4,855 27.4 28.6 21.8 28.2 11.1 8.6 2.0 1.7 19.6 21.3 1.8 1.5
Shree Cement^ Neutral 4,676 - 16,288 6,706 7,751 28.7 27.7 338.2 375.5 13.8 12.5 3.5 2.8 28.5 25.2 1.8 1.4
UltraTech Cement Neutral 1,886 - 51,698 21,947 25,049 23.8 23.8 106.1 119.8 17.8 15.7 2.9 2.5 17.7 17.3 2.4 2.1
ConstructionAshoka Buildcon Buy 221 272 1,162 2,013 2,293 22.5 22.5 26.0 24.4 8.5 9.1 0.9 0.9 11.7 9.9 2.2 2.0
Consolidated Co Neutral 12 - 219 2,281 2,492 5.9 6.9 0.7 2.0 17.4 5.9 0.4 0.4 2.3 6.5 0.4 0.3
IRB Infra Buy 116 167 3,870 4,152 4,624 44.4 45.0 17.0 17.2 6.9 6.8 1.1 0.9 16.2 14.6 3.3 3.4
ITNL Buy 179 230 3,472 7,177 7,772 27.4 28.9 29.4 32.4 6.1 5.5 0.9 0.8 16.5 15.9 2.7 2.7
IVRCL Infra Buy 20 35 605 6,287 6,836 8.5 8.5 2.3 3.0 8.4 6.5 0.3 0.3 3.4 4.2 0.5 0.5
Jaiprakash Asso. Buy 75 95 16,688 14,914 15,699 26.2 26.4 4.2 4.4 17.9 17.3 1.2 1.1 6.8 6.6 2.5 2.4
Larsen & Toubro Accumulate 1,569 1,795 96,623 69,586 79,247 11.2 11.1 75.1 84.9 20.9 18.5 3.0 2.6 15.2 15.0 1.6 1.4
Nagarjuna Const. Buy 33 45 835 6,576 7,264 8.2 8.3 4.1 4.8 8.0 6.8 0.3 0.3 4.2 4.7 0.5 0.5
Punj Lloyd Neutral 53 - 1,753 1,338 1,542 10.2 10.2 3.0 4.8 17.8 11.1 0.6 0.6 3.4 5.2 5.5 5.3
Sadbhav Engg. Buy 114 153 1,721 2,511 2,736 10.6 10.6 7.3 7.8 15.7 14.6 2.0 1.8 13.3 12.7 0.9 0.8
Simplex Infra Buy 112 164 554 6,824 7,563 9.2 9.4 18.0 23.4 6.2 4.8 0.4 0.4 6.9 8.3 0.5 0.4
Unity Infra Buy 30 45 226 2,455 2,734 13.4 13.0 14.6 14.9 2.1 2.1 0.2 0.2 12.3 11.3 0.5 0.5
Financials
Allahabad Bank Buy 132 155 6,588 7,137 7,907 2.9 2.8 32.3 36.0 4.1 3.7 0.6 0.5 14.2 14.2 - -
Andhra Bank Neutral 92 - 5,126 5,285 5,937 3.0 2.9 21.2 23.4 4.3 3.9 0.6 0.6 13.4 13.4 - -
Axis Bank Buy 1,474 1,737 68,979 19,055 22,710 3.3 3.2 130.7 152.3 11.3 9.7 1.8 1.6 17.2 17.6 - -Bank of Baroda Buy 699 815 29,454 16,318 18,682 2.4 2.4 121.4 144.6 5.8 4.8 0.8 0.7 15.2 16.0 - -
Bank of India Accumulate 327 360 19,477 14,284 16,295 2.3 2.3 55.9 68.4 5.9 4.8 0.8 0.7 13.9 15.2 - -
Bank of Maharashtra Neutral 57 - 3,747 4,289 4,670 2.9 2.8 11.6 13.1 4.9 4.3 0.7 0.6 15.7 15.6 - -
Canara Bank Accumulate 395 461 17,485 11,673 13,208 2.3 2.3 74.8 85.8 5.3 4.6 0.7 0.6 13.7 14.1 - -
Central Bank Neutral 70 - 7,275 8,079 9,086 2.6 2.6 14.9 18.0 4.7 3.9 0.7 0.6 12.2 13.3 - -
Corporation Bank Buy 376 453 5,756 5,397 5,973 2.2 2.2 96.3 105.9 3.9 3.6 0.6 0.5 14.6 14.4 - -
Dena Bank Accumulate 91 101 3,186 3,334 3,700 2.7 2.7 23.6 26.5 3.9 3.4 0.6 0.5 15.5 15.3 - -
Federal Bank Neutral 447 - 7,649 2,916 3,389 3.3 3.3 50.1 59.4 8.9 7.5 1.1 1.0 12.8 13.7 - -
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Market Outlook
Stock Watch
May 06, 2013
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7/30/2019 Market Outlook, 06.05.13
11/16
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Financials
HDFC Accumulate 855 858 132,204 8,928 10,684 3.7 3.7 38.4 45.3 22.3 18.9 4.8 4.3 32.5 32.4 - -
HDFC Bank Neutral 681 - 162,168 27,682 33,916 4.6 4.6 35.3 42.7 19.3 16.0 3.8 3.2 21.3 21.8 - -
ICICI Bank Buy 1,130 1,352 130,357 25,705 30,330 3.1 3.2 83.9 96.3 13.5 11.7 1.8 1.6 15.2 15.7 - -
IDBI Bank Neutral 89 - 11,875 9,137 10,041 1.9 2.0 17.8 18.8 5.0 4.8 0.6 0.5 11.7 11.3 - -
Indian Bank Buy 163 193 7,016 6,276 6,968 3.1 3.1 38.3 42.3 4.3 3.9 0.6 0.6 15.2 14.9 - -
IOB Accumulate 62 70 5,771 8,205 9,048 2.6 2.5 16.4 20.3 3.8 3.1 0.5 0.4 11.6 13.1 - -
J & K Bank Neutral 1,327 - 6,435 3,032 3,118 3.8 3.5 218.1 200.9 6.1 6.6 1.1 1.0 19.9 16.0 - -LIC Housing Finance Buy 241 281 12,172 2,113 2,525 2.3 2.3 25.4 29.2 9.5 8.3 1.7 1.5 18.4 18.3 - -
Oriental Bank Accumulate 256 282 7,465 6,791 7,478 2.7 2.7 56.7 63.4 4.5 4.0 0.6 0.5 12.9 13.1 - -
Punjab Natl.Bank Buy 746 889 26,366 21,161 24,166 3.3 3.3 153.4 176.4 4.9 4.2 0.8 0.7 16.1 16.3 - -
South Ind.Bank Neutral 24 - 3,206 1,826 2,081 3.0 2.9 4.0 4.5 5.9 5.3 1.0 0.9 17.6 17.1 - -
St Bk of India Buy 2,217 2,567 151,620 67,091 76,746 3.2 3.1 241.2 280.4 9.2 7.9 1.4 1.2 16.5 17.0 - -
Syndicate Bank Neutral 129 - 7,786 7,340 8,212 2.9 2.8 26.4 28.7 4.9 4.5 0.7 0.7 15.8 15.2 - -
UCO Bank Accumulate 72 68 5,400 6,126 6,665 2.6 2.5 12.2 14.4 5.9 5.0 0.9 0.7 11.8 12.6 - -
Union Bank Accumulate 240 264 14,326 11,226 12,769 2.7 2.7 41.0 47.8 5.9 5.0 0.8 0.7 14.8 15.4 - -
United Bank Buy 60 68 2,235 3,597 4,008 2.6 2.7 16.0 20.8 3.7 2.9 0.5 0.4 12.5 14.7 - -
Vijaya Bank Accumulate 52 55 2,567 2,600 2,946 2.0 2.1 9.7 11.0 5.3 4.7 0.6 0.6 11.4 11.7 - -
Yes Bank Neutral 498 - 17,873 4,390 5,411 2.8 2.8 41.6 47.9 12.0 10.4 2.5 2.1 23.2 22.1 - -
FMCG
Asian Paints Neutral 4,696 - 45,048 13,319 15,805 15.7 15.7 143.8 170.2 32.7 27.6 10.2 8.1 35.1 32.7 3.3 2.8
Britannia Neutral 574 - 6,867 6,417 7,446 5.1 5.5 20.3 25.2 28.4 22.8 9.6 7.6 37.4 37.3 1.0 0.8
Colgate Neutral 1,509 - 20,521 3,588 4,130 21.1 21.6 44.7 51.9 33.7 29.1 30.4 22.6 100.0 89.1 5.5 4.8
Dabur India Neutral 160 - 27,965 7,183 8,340 16.8 16.8 5.4 6.3 29.7 25.4 11.6 9.0 43.9 39.9 3.9 3.3
GlaxoSmith Con* Neutral 4,067 - 17,103 3,617 4,260 16.1 16.4 120.6 146.4 33.7 27.8 10.4 8.4 33.8 33.4 4.4 3.7
Godrej Consumer Neutral 844 - 28,712 7,801 9,017 17.0 17.0 26.5 31.9 31.8 26.5 7.2 5.9 26.5 25.9 3.8 3.2
HUL Neutral 572 - 123,780 28,974 32,970 13.5 13.5 17.0 18.1 33.8 31.6 21.5 16.2 74.3 58.3 4.1 3.5
ITC Neutral 331 - 261,353 33,506 39,067 36.8 37.0 11.1 13.0 29.8 25.5 9.7 7.9 35.5 34.1 7.5 6.4
Marico Neutral 217 - 13,985 5,352 6,204 14.0 14.0 7.9 9.8 27.4 22.1 5.7 4.6 22.8 22.9 2.6 2.2
Nestle* Neutral 4,910 - 47,339 9,739 11,307 21.5 22.2 131.6 159.9 37.3 30.7 18.8 13.5 58.8 69.5 4.8 4.1
Tata Global Neutral 147 - 9,112 7,998 8,798 9.7 9.8 7.9 8.7 18.7 16.9 2.3 2.2 9.6 9.8 1.1 0.9
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Market Outlook
Stock Watch
May 06, 2013
-
7/30/2019 Market Outlook, 06.05.13
12/16
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
IT
HCL Tech^ Buy 750 863 52,219 28,633 32,216 21.5 20.7 57.3 61.7 13.1 12.2 3.1 2.6 24.0 21.5 1.6 1.4
Hexaware* Buy 83 102 2,477 2,091 2,289 19.0 18.8 10.6 11.3 7.8 7.3 1.7 1.6 22.8 21.7 1.0 0.9
Infosys Accumulate 2,308 2,465 132,522 43,338 47,244 27.5 27.7 169.4 182.6 13.6 12.6 2.8 2.4 20.8 19.3 2.4 2.1
Infotech Enterprises Accumulate 175 185 1,956 1,956 2,174 17.9 17.7 20.4 21.9 8.6 8.0 1.3 1.1 14.7 13.7 0.6 0.5
KPIT Cummins Buy 104 135 2,000 2,513 2,819 16.1 15.5 12.6 14.0 8.3 7.4 1.4 1.2 17.9 16.6 0.8 0.6
Mahindra Satyam Buy 112 143 13,210 8,456 9,385 19.3 19.1 10.6 11.9 10.6 9.4 2.4 1.9 22.4 20.1 1.1 0.9
Mindtree Accumulate 849 920 3,527 2,599 2,871 19.4 19.2 85.2 92.3 10.0 9.2 2.1 1.7 21.4 18.9 1.1 0.9Mphasis& Neutral 377 - 7,928 6,096 6,646 17.6 17.4 38.1 41.6 9.9 9.1 1.4 1.2 14.2 13.7 0.8 0.6
NIIT Buy 24 30 391 1,144 1,267 9.0 9.1 4.3 5.4 5.5 4.4 0.6 0.5 10.3 12.0 0.1 0.1
Persistent Buy 515 593 2,058 1,445 1,617 25.2 25.0 55.3 59.3 9.3 8.7 1.7 1.4 18.2 16.5 1.0 0.8
TCS Accumulate 1,419 1,585 277,681 71,833 81,893 28.4 28.0 78.5 88.0 18.1 16.1 5.5 4.5 30.2 27.9 3.6 3.1
Tech Mahindra Buy 982 1,230 12,580 7,699 8,315 19.3 18.1 107.0 115.0 9.2 8.5 2.0 1.6 21.7 19.1 1.6 1.4
Wipro Accumulate 356 385 87,572 40,173 43,697 20.4 20.6 26.2 28.5 13.6 12.5 2.7 2.3 19.7 18.4 1.7 1.4
Media
D B Corp Accumulate 244 272 4,474 1,787 1,974 25.4 26.4 14.5 16.9 16.8 14.5 3.5 3.0 22.4 22.2 2.4 2.1
HT Media Accumulate 103 117 2,412 2,205 2,380 15.1 15.6 8.0 9.1 12.8 11.3 1.4 1.2 11.2 11.4 0.7 0.6
Jagran Prakashan Buy 92 121 3,059 1,698 1,908 23.9 24.5 7.4 8.4 12.5 11.0 3.2 2.8 26.7 26.8 1.9 1.7
PVR Neutral 340 - 1,348 1,343 1,521 18.8 18.9 18.3 22.9 18.6 14.9 1.8 1.9 10.6 12.3 1.0 0.9
Sun TV Network Neutral 424 - 16,703 2,293 2,571 68.7 68.7 19.3 22.7 21.9 18.7 5.4 4.7 26.1 27.3 6.8 5.8
Metals & Mining
Bhushan Steel Neutral 456 - 10,339 13,794 17,335 30.7 34.8 48.9 83.6 9.3 5.5 1.0 0.8 11.2 16.7 2.4 1.9
Coal India Accumulate 318 345 200,829 72,174 76,311 33.3 28.4 28.4 30.9 11.2 10.3 3.1 2.6 37.6 36.2 2.0 1.8
Electrosteel Castings Buy 17 26 562 2,074 2,176 10.4 11.3 1.9 2.3 9.1 7.6 0.1 0.1 3.7 4.3 0.5 0.2GMDC Buy 152 213 4,829 1,944 2,317 49.9 51.7 20.8 25.6 7.3 5.9 1.6 1.3 24.3 24.6 2.0 1.5
Hind. Zinc Buy 121 145 51,232 12,358 13,659 51.4 51.6 16.0 17.6 7.6 6.9 1.4 1.2 19.4 18.4 1.9 1.3
Hindalco Neutral 98 - 18,772 88,987 94,163 9.2 9.7 13.8 15.9 7.1 6.2 0.5 0.5 7.6 8.1 0.6 0.5
JSW Steel Neutral 710 - 15,834 39,524 42,064 17.1 16.9 71.8 86.3 9.9 8.2 0.8 0.8 8.6 9.6 0.7 0.6
MOIL Accumulate 222 243 3,737 954 1,062 45.5 47.4 26.1 29.1 8.5 7.7 1.2 1.1 15.1 15.2 1.4 1.1
Monnet Ispat Buy 190 291 1,211 2,883 3,181 21.7 23.6 40.3 57.7 4.7 3.3 0.4 0.4 10.1 13.0 1.3 1.1
Nalco Neutral 35 - 9,020 8,187 8,416 14.5 14.7 3.2 3.3 11.0 10.7 0.7 0.7 6.8 6.7 0.6 0.6
NMDC Buy 126 179 50,134 10,329 12,540 73.8 75.0 16.6 19.0 7.6 6.7 1.5 1.3 20.6 20.2 2.7 2.1
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Market Outlook
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May 06, 2013
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7/30/2019 Market Outlook, 06.05.13
13/16
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Metals & Mining
SAIL Neutral 64 - 26,391 53,685 64,183 9.3 12.2 5.5 8.3 11.7 7.7 0.6 0.6 5.4 7.7 0.8 0.8
Sesa Goa Neutral 161 - 13,975 3,742 4,426 32.9 32.8 30.0 29.8 5.4 5.4 0.7 0.6 14.3 12.5 4.5 3.7
Sterlite Inds Neutral 97 - 32,464 44,462 45,568 23.2 24.7 18.1 20.2 5.3 4.8 0.6 0.5 11.3 11.4 0.7 0.6
Tata Steel Buy 311 430 30,224 141,775 151,672 10.5 11.4 35.3 51.7 8.8 6.0 0.7 0.6 7.6 10.3 0.5 0.5
Sarda Buy 107 153 382 1,494 1,568 19.1 20.3 31.3 36.5 3.4 2.9 0.4 0.3 11.8 12.4 0.6 0.5
Prakash Industries Buy 37 48 496 2,668 2,834 10.0 10.1 4.6 5.2 8.0 7.2 0.2 0.2 3.2 3.4 0.5 0.5
Godawari Power andIspat Buy 87 118 283 2,425 2,552 13.7 14.8 33.5 45.3 2.6 1.9 0.3 0.2 11.2 13.1 0.5 0.4
Oil & Gas
Cairn India Accumulate 303 345 57,957 16,482 16,228 69.4 53.3 53.3 49.6 5.7 6.1 0.9 0.8 16.5 13.6 2.2 1.8
GAIL Neutral 336 - 42,665 55,815 63,013 15.3 15.2 35.9 41.5 9.4 8.1 1.5 1.3 17.0 17.1 0.6 0.5
ONGC Accumulate 324 354 277,283 157,962 175,367 35.1 36.2 34.3 39.3 9.5 8.3 1.6 1.5 18.2 18.6 1.5 1.3
Reliance Industries Neutral 801 - 258,734 380,031 407,721 9.9 69.3 69.3 78.0 11.6 10.3 1.2 1.0 11.5 11.7 0.6 0.6
Gujarat Gas* Neutral 247 - 3,170 3,707 3,850 11.7 12.4 23.7 25.7 10.4 9.6 2.9 2.5 29.6 28.2 0.7 0.7
Indraprastha Gas Neutral 309 - 4,329 3,700 4,218 23.4 22.8 26.6 30.4 11.6 10.2 2.4 2.0 22.6 21.7 1.2 1.0
Petronet LNG Buy 139 167 10,388 40,356 40,872 5.8 6.4 15.0 16.7 9.2 8.3 1.9 1.6 23.0 21.5 0.3 0.3
Gujarat State PetronetLtd.
Neutral 66 - 3,705 1,079 983 91.8 91.9 8.8 7.8 7.5 8.4 1.3 1.1 17.8 14.1 3.2 3.4
Pharmaceuticals
Alembic Pharma Accumulate 122 139 2,300 1,736 2,008 17.1 18.9 10.7 13.9 11.4 8.8 3.6 2.7 35.0 34.7 1.4 1.2
Aurobindo Pharma Buy 197 264 5,724 6,279 7,033 16.0 16.0 15.2 19.2 12.9 10.2 1.7 1.4 19.2 18.0 1.4 1.2
Aventis* Neutral 2,520 - 5,804 1,682 1,917 16.6 16.6 92.4 99.1 27.3 25.4 3.8 3.8 15.7 14.8 3.1 2.5
Cadila Healthcare Buy 778 962 15,920 7,386 8,863 18.0 18.0 39.5 48.1 19.7 16.2 4.5 3.6 24.8 24.7 2.4 2.0
Cipla Buy 401 463 32,221 9,130 10,543 24.8 23.0 21.6 23.2 18.6 17.3 3.0 2.6 17.6 16.2 3.2 2.7
Dr Reddy's Neutral 2,001 - 33,970 11,662 13,101 21.0 20.8 92.9 103.9 21.5 19.3 4.1 3.5 20.8 19.6 3.1 2.7
Dishman Pharma Buy 70 206 568 1,536 1,739 20.2 20.9 15.4 20.6 4.6 3.4 0.5 0.4 11.6 13.7 1.0 0.8
GSK Pharma* Neutral 2,276 - 19,276 2,993 3,319 30.4 30.2 78.1 86.7 29.1 26.3 8.8 7.9 31.6 31.9 5.6 5.0
Indoco Remedies Buy 63 90 580 784 902 15.2 15.2 7.8 9.0 8.1 7.0 1.2 1.0 15.6 15.8 0.9 0.8
Ipca labs Buy 546 676 6,886 3,474 4,168 21.0 21.0 37.3 45.1 14.6 12.1 3.5 2.8 26.4 25.3 2.1 1.8
Lupin Accumulate 706 792 31,583 11,564 13,847 21.1 21.1 32.8 39.6 21.5 17.8 5.0 4.0 25.7 24.7 2.8 2.3
Ranbaxy* Neutral 450 - 19,033 11,400 12,060 12.5 12.5 21.6 22.5 20.8 20.0 4.0 3.5 20.6 18.5 1.6 1.5
Sun Pharma Reduce 984 888 101,770 12,563 14,698 42.6 42.6 29.8 35.5 33.0 27.7 5.9 4.9 19.2 19.3 7.5 6.2
Power
GIPCL Accumulate 72 78 1,089 1,535 1,570 31.9 31.6 13.1 14.1 5.5 5.1 0.7 0.6 12.4 12.2 1.0 0.8
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May 06, 2013
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7/30/2019 Market Outlook, 06.05.13
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Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Power
NTPC Neutral 159 - 131,309 81,951 92,264 24.1 24.3 13.6 14.9 11.7 10.7 1.5 1.3 13.0 13.1 2.3 2.2
Real Estate
DLF Buy 232 288 39,325 9,699 12,010 37.0 36.9 6.0 8.4 38.8 27.5 1.5 1.4 3.8 5.1 5.5 4.5
MLIFE Accumulate 418 446 1,709 888 1,002 26.7 25.9 36.3 40.6 11.5 10.3 1.2 1.1 10.8 11.0 2.2 1.9
Telecom
Bharti Airtel Neutral 318 - 120,648 86,933 96,121 30.2 31.2 10.3 15.7 30.9 20.3 2.2 2.0 7.0 9.7 2.1 1.8
Idea Cellular Neutral 135 - 44,634 24,959 27,232 27.1 27.5 3.7 4.7 36.2 28.7 2.9 2.7 8.1 9.2 2.2 2.0Rcom Neutral 110 - 22,735 22,221 24,253 32.0 32.2 4.3 6.4 25.4 17.1 0.6 0.6 2.4 3.4 2.6 2.2
Others
Abbott India* Buy 1,428 1,659 3,035 1,863 2,081 11.8 12.4 71.2 83.0 20.1 17.2 4.0 3.4 21.6 21.5 1.4 1.1
Bajaj Electricals Buy 178 237 1,780 3,929 4,480 7.4 7.7 15.5 19.7 11.5 9.0 2.0 1.7 17.4 18.7 0.5 0.4
Cera Sanitaryware Buy 455 562 576 630 795 14.4 13.6 42.8 51.1 10.6 8.9 2.5 2.0 26.6 25.2 0.9 0.7
Cravatex Buy 435 566 112 308 351 7.0 7.0 39.6 47.2 11.0 9.2 2.4 1.9 21.8 21.0 0.4 0.4
Finolex Cables Buy 49 68 742 2,563 2,899 9.8 9.8 10.1 11.3 4.8 4.3 0.7 0.6 14.3 13.8 0.2 0.2
Force Motors Buy 381 570 496 2,299 2,621 4.7 4.9 46.3 57.0 8.2 6.7 0.4 0.4 5.0 5.8 0.1 0.1
Goodyear India* Buy 279 352 644 1,453 1,560 9.4 9.8 38.4 41.4 7.3 6.8 1.5 1.3 22.9 20.8 0.3 0.2
Hitachi Buy 133 177 362 1,053 1,169 6.3 7.1 13.8 17.7 9.7 7.5 1.4 1.2 15.0 16.7 0.4 0.3
Honeywell Automation* Buy 2,471 2,842 2,185 2,117 2,491 8.1 7.8 137.9 157.9 17.9 15.7 2.7 2.3 16.0 15.8 0.9 0.8
IFB Agro Buy 170 198 153 495 651 12.7 12.9 29.3 39.5 5.8 4.3 0.8 0.7 15.4 17.6 0.4 0.3
ITD Cementation Buy 185 238 213 1,430 1,573 12.1 12.2 21.8 30.6 8.5 6.0 0.5 0.5 6.1 8.0 0.6 0.6
Jyothy Laboratories Neutral 178 - 2,878 979 1,164 14.9 15.1 6.0 7.7 29.7 23.2 3.7 3.3 12.9 15.1 3.1 2.5
MRF Accumulate 13,542 14,416 5,743 11,799 12,587 14.1 13.5 1,792.4 1,802.0 7.6 7.5 1.6 1.3 23.5 19.2 0.6 0.5
Page Industries Neutral 3,786 - 4,223 1,047 1,281 19.6 19.8 127.3 158.1 29.7 23.9 14.2 10.3 54.9 50.0 4.1 3.4Relaxo Footwears Buy 588 786 705 1,148 1,360 11.7 11.9 55.5 71.4 10.6 8.2 2.5 1.9 26.3 26.2 0.8 0.6
Siyaram Silk Mills Buy 240 312 225 1,157 1,320 11.9 12.0 66.6 77.9 3.6 3.1 0.6 0.5 18.3 18.2 0.4 0.4
S. Kumars Nationwide Neutral 7 - 202 6,765 7,393 18.1 18.0 6.4 7.5 1.1 0.9 0.1 0.1 6.1 6.7 0.6 0.6
Styrolution ABS India* Buy 494 617 869 1,068 1,223 9.6 9.6 38.1 44.1 13.0 11.2 1.8 1.6 14.5 14.7 0.8 0.7
TAJ GVK Buy 63 108 392 300 319 35.8 36.2 7.9 9.1 7.9 6.9 1.1 0.9 13.9 14.4 1.6 1.4
Tata Sponge Iron Buy 294 371 452 814 849 17.0 17.6 64.6 69.2 4.6 4.2 0.6 0.6 14.5 13.8 0.2 -
TTK Healthcare Accumulate 513 553 399 435 516 6.2 7.1 24.3 33.3 21.1 15.4 3.5 3.0 17.6 20.8 0.7 0.6
Tree House Neutral 267 - 959 150 192 52.7 52.5 12.8 16.2 20.8 16.5 2.1 1.8 10.0 11.1 6.0 4.6
TVS Srichakra Buy 185 226 142 1,591 1,739 7.1 7.4 39.4 56.5 4.7 3.3 0.9 0.8 20.6 25.0 0.3 0.3
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Market Outlook
Stock Watch
May 06, 2013
-
7/30/2019 Market Outlook, 06.05.13
15/16
Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM(%) EPS () PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ) Price ( ) ( cr ) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Others
United Spirits Neutral 2,266 - 29,643 11,886 13,491 14.4 14.0 50.9 74.5 44.5 30.4 3.7 3.3 10.6 11.4 2.8 2.4
Vesuvius India* Buy 357 439 725 600 638 20.1 19.4 35.7 36.6 10.0 9.8 1.8 1.6 19.4 17.1 1.0 0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 03, 2013
www.angelbroking.com
Market Outlook
Stock Watch
May 06, 2013
-
7/30/2019 Market Outlook, 06.05.13
16/16
Market OutlookMay 06, 2013