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Market OutlookAugust 8, 2012
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Market OutlookAugust 8, 2012
Dealers DiaryIndian markets are expected to open in the green, tracing positive opening trades
in the SGX Nifty and the major Asian bourses. Most of the Asian bourses have
edged higher in the early trades as speculation that central banks will take steps to
spur growth and better than forecast U.S. corporate earnings have boosted the
outlook for the economy.
The US markets moved mostly higher during the trading session on Tuesday and
ended the day positively. The continued strength on Wall Street was partly due to
optimism that the ECB will unveil additional measures to address the ongoing debt
crisis following the release of disappointing economic data from the region. Data
from Europe showed that the Italian economy shrank in the second quarter,
marking the fourth consecutive quarter of contraction. A separate report showed a
steeper than expected drop in German factory orders in June. The European
markets largely closed in the positive territory on Tuesday, despite release of
disappointing economic data.
Meanwhile, the Indian markets rallied for a second straight day on hopes of reformafter finance minister unveiled a roadmap to revive economic growth. He promised
fine-tuning of policies and corrective measures on proposals such as the GAAR and
retrospective amendments, helping boost investor sentiment.
Markets TodayThe trend deciding level for the day is 17,554 / 5,323 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,690 17,777 / 5,364 5,391 levels. However, if NIFTY trades below
17,554 / 5,323 levels for the first half-an-hour of trade then it may correct up to
17,466 17,330 / 5,296 5,254 levels.
SENSEX 17,330 17,466 17,554 17,690 17,777
NIFTY 5,254 5,296 5,323 5,364 5,391
News Analysis Spectrum auction may get pushed to November RILs Management Committee approves commerciality of three gas finds Coal India Board approves higher penalty for new FSAs 1QFY2013 Result Reviews- J&K Bank, MOIL, Aurobindo Pharma, Punj Lloyd 1QFY2013 Result Previews- M&M, ABB IndiaRefer detailed news analysis on the following page
Net Inflows (August 6, 2012)
FII 1,736 1,167 570 1,549 54,830
MFs 441 347 95 51 (8,028)
FII Derivatives (August 7, 2012)
Index Futures 2,195 1,518 677 15,169
Stock Futures 1,578 1,035 542 24,484
Gainers / Losers
Bajaj Finserv 805 4.5 IRB Infra 116 (7.0)
Tata Motors 239 4.4 Castrol India 602 (3.8)
Thermax 509 4.1 Indiabulls Fin 212 (3.4)
Bharat Forge 312 4.0 Shree Renuka Sug 33 (2.6)
Zee Entert 168 3.9 HPCL 319 (2.5)
BSE Sensex 1.1 188.8 17,602
Nifty 1.0 54.2 5,337
MID CAP 0.4 21.3 6,126
SMALL CAP 0.4 23.6 6,621
BSE HC (0.1) (7.0) 7,310
BSE PSU 0.6 42.6 7,133
BANKEX 1.2 143.5 12,142
AUTO 1.7 156.1 9,329
METAL 0.6 60.1 10,361
OIL & GAS 0.1 6.5 8,358
BSE IT 2.0 104.3 5,450
Dow Jones 0.4 51.1 13,169NASDAQ 0.9 26.0 3,016
FTSE 0.6 32.5 5,841
Nikkei 0.9 77.0 8,803
Hang Seng 0.4 73.8 20,073
Straits Times (0.1) (4.1) 3,068
Shanghai Com 0.1 2.7 2,158
INFY 1.8 0.7 $41.4
WIT 0.8 0.1 $8.0IBN 1.5 0.5 $35.5
HDB (1.9) (0.7) $35.2
Advances 1,503 784
Declines 1,316 642
Unchanged 125 86
BSE 2,179
NSE 9,862
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Market OutlookAugust 8, 2012
Spectrum auction may get pushed to November
As per media reports, the telecom department (DoT) will ask the Supreme Court to
extend the deadline for completing the upcoming auction of airwaves by five
months to January 30, 2013. DoT will tell the apex court next week that the
electronic bidding for airwaves will begin on November 12, 2013 as it submits a
revised timeline. This is the second time the government will seek an extension of
the deadline for holding and completing auctions. The EGoM on telecom, at its
meeting yesterday, decided to approach the Supreme Court to seek an extension
of the deadline the court had set. The apex court had directed the Government to
complete the auction by August 31 and cancel licenses given out in 2010 by
September 7, 2012. According to the revised timeline prepared by the Department
of Telecom, the spectrum sale will start on November 12, 2012. The DoT will tell
the Supreme Court that the delay is because the auctioneer will need time to set up
the online system and finalize the auction guidelines. The extension seeking is onthe expected lines.
RILs Management Committee approves commerciality of three
gas finds
Media reports suggest that Reliance Industries Ltds (RIL) Management Committee
has given conditional acceptance to the budget for three years beginning FY2011
for KG-D6 block. Also, the Committee has conditionally approved commercial
feasibility for three finds in the block (D-29, D-30, and D-31). Media reports also
suggest that RIL has received approval to spend US$1bn to raise KG D8production during FY2013. We await further approvals from the Oil Ministry to
have more clarity on this matter. Meanwhile,
Coal India Board approves higher penalty for new FSAs
Media reports suggest that Coal India Ltds (CIL) Board has approved higher
penalty rates for Fuel Supply Agreements (FSAs) to be signed with power producers
which have commissioned units after March 30, 2009. The penalty will now belevied at 1.5% for a shortfall below 80% but above 65% (compared to earlier
penalty level of only 0.01%). For shortfall below 65%, the penalty will be in the
range of 5-40% depending on the quantum of shortfall. However, there is no
clarity on price pooling and quantum of imports. We do not foresee a material
impact on CILs financials on account of this marginal increase in penalty. Hence,
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Market OutlookAugust 8, 2012
Result Reviews
J&K Bank registered a strong performance on the operating front for 1QFY2013.
The reported net profit grew by 35.0% yoy to `246cr. The growth in net interest
income remained healthy at 22.5% yoy to`536cr, while the operating profits grew
by a strong 31.2% yoy to `415cr. The banks asset quality remained stable
sequentially, with a marginal increase of 6bp in gross NPA ratio to 1.6% and 1bp
decline in the net NPA ratio to 0.14%. The banks PCR which is highest in the
industry, improved on a sequential basis by 33bp to 94.1%. At the current market
price, the stock is trading at a relatively expensive valuation of 0.8x FY2014E ABV.
FY2013E 2,525 3.5 853 175.8 978.7 1.3 19.3 5.3 1.0
FY2014E 2,858 3.5 888 183.1 1,118.8 1.2 17.5 5.1 0.8
MOILs 1QFY2013 results were above our expectations. Net sales increased by
15.5% to `243cr (above our estimate of `199cr) mainly on account of higher
volumes in our view. However, EBITDA decreased by 19.3% yoy to `102cr and
EBITDA margin dipped by 1814bp yoy to 42.2% mainly on account of decline in
manganese ore prices in our view. Other income increased by 20.4% to `52cr
mainly on account of higher cash balance. Consequently, net profit decreased by
only 8.7% yoy to `99cr, above our expectation of `93cr.
FY2013E 884 50.2 399 23.7 15.6 11.2 1.7 5.3 2.7
FY2014E 958 50.5 424 25.2 15.1 10.6 1.5 4.6 2.3
Aurobindo Pharmaceuticals, reported results below expectations. The company
posted sales of`1197.4cr, registering a y-o-y growth of 12.4% yoy, which is below
our expectation of`1,258cr. On the operating front, the gross margins came in at
45.9%, below our expectations of 46.8%. This, along with a rise in other
expenditure, lead to a significant drop in OPM which came in at 10.3% (15.2%).
Further, this resulted in the net profit coming in much lower than our expectations
at`22cr vs our expectations of`96cr.
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Market OutlookAugust 8, 2012
FY2013E 5,243 14.6 342 11.8 11.4 9.8 1.0 7.2 1.0
FY2014E 5,767 14.6 367 12.6 10.9 9.1 0.9 6.2 0.9
For 1QFY2013, Punj posted mixed set of numbers with decent performance on
revenue and EBITDAM front but loss at earnings level owing to high interest and
depreciation cost. The company posted 22.6% yoy top-line growth to `2,776cr.
The companys EBITDA margin for the quarter stood at 10.4% an improvement of
160bp and 200bp on yoy and qoq basis respectively. Interest came in at 183cr a
jump of 39% on yoy basis but fall of 2% on sequential basis. Depreciation stood at
`94cr an increase of 52%/34% on yoy/qoq basis. Despite posting good numberson the revenue and EBITDAM front Punj posted a loss of `13cr vs. a loss of `12cr
in 1QFY2012 on the earnings front owing to higher interest and depreciation cost.
.
FY2013E 11,592 8.4 59 1.8 2.0 30.3 0.6 6.6 0.6
FY2014E 12,993 8.4 107 3.2 3.6 16.7 0.6 6.3 0.5
Result Previews
Mahindra and Mahindra (MM) will be announcing its 1QFY2013 results today. We
expect the companys top-line to grow by a strong 34.1% yoy to `8,950cr backed
by 15.4% yoy growth in total volumes and 13.7% yoy growth in net average
realization. On the operating front, EBITDA margin is expected to witness a decline
of 200bp yoy to 11.3% on account of increase in purchases from manufacturing
subsidiary MVML and lower share of tractors in the total volume-mix. As a result,
the bottom-line is expected to report a modest 6.3% yoy growth to `643cr. At
`696, the stock is trading at 13.1x FY2014E earnings.
FY2013E 35,881 10.0 2,870 47.5 21.3 14.6 2.9 7.7 0.9
FY2014E 70,746 10.0 3,328 53.2 20.5 13.1 2.5 6.4 0.8
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Market OutlookAugust 8, 2012
For 2QCY2012, we expect ABB India (ABB) to post decent top-line growth of
10.0% yoy to`1,884cr, driven by the companys balanced performance across all
segments. EBITDA margin is likely witness marginal improvement of 30bp yoy to
5.3%. Aided by modest revenue growth and margin expansion; ABBs bottom line
is expected to jump by 22.3% to`47.3cr.
FY2013E 8,760 8 386.3 18 14.4 43.4 5.8 24.8 1.9
FY2014E 10,023 7.5 440 20.7 14.6 38.1 5.2 21.9 1.6
Quarterly Bloomberg Brokers Consensus Estimate
Net sales 1,885 1,693 11 1,773 6
EBITDA 110 83 32 98 13
EBITDA margin (%) 5.9 4.9 5.5
Net profit 63 39 64 48 33
Net sales 19,514 16,975 15 18,729 4
EBITDA 6,540 5,706 15 6,231 5
EBITDA margin (%) 33.5 33.6 33.3
Net profit 1,245 1,205 3 1,008 24
Net sales 8,926 6,673 34 9,241 (3)
EBITDA 964 897 7 1,268 (24)
EBITDA margin (%) 10.8 13.4 13.7
Net profit 615 605 2 874 (30)
Net sales 6,926 5,805 19 7,170 (3)
EBITDA 1,542 1,412 9 1,460 6
EBITDA margin (%) 22.3 24.3 20.4
Net profit 423 501 (16)(572)
(174)
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Market OutlookAugust 8, 2012
Net profit 858 686 25 818 5
Net sales 2,055 1,864 10 2,099 (2)
EBITDA 557 498 12 145 284
EBITDA margin (%) 27.1 26.7 6.9
Net profit(126) (135)
(7)(586)
(78)
Net sales 48,495 40,798 19 54,657 (11)
EBITDA 2,806 (2,568) (209) 5,844 (52)EBITDA margin (%) 5.8 -6.3 10.7
Net profit(3,618) (3,080)
17 4,631 (178)
Net sales 117,100 92,100 27 127,736 (8)
EBITDA(5,221) (2,362)
121 15,070 (135)
EBITDA margin (%) -4.5 -2.6 11.8
Net profit (7,374) (3,719) 98 12,670 (158)
Net sales 2,900 2,054 41 3,695 (22)
EBITDA 522 115 354 1,015 (49)
EBITDA margin (%) 18.0 5.6 27.5
Net profit 216 246 (12) 1,248 (83)
Net sales 42,707 33,382 28 50,609 (16)
EBITDA 5,518 4,226 31 6,744 (18)
EBITDA margin (%) 12.9 12.7 13.3
Net profit 2,726 1,996 37 6,258 (56)
Net sales 987 829 19 956 3
EBITDA 231 208 11 251 (8)
EBITDA margin (%) 23.4 25.1 26.3
Net profit 105 97 8 55 91
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Market OutlookAugust 8, 2012
Net sales 57,166 48,312 18 61,456 (7)
EBITDA(3,520)
2,174 (262) 4,126 (185)
EBITDA margin (%)-6.2 4.5 6.7
Net profit(4,082)
935 (537) 3,140 (230)
Net profit 3,582 1,584 126 4,050 (12)
Net sales 3,024 2,779 9 3,760 (20)
EBITDA 291 250 16 494 (41)EBITDA margin (%) 9.6 9.0 13.1
Net profit 178 155 15 304 (41)
Net sales 2,224 1,636 36 2,330 (5)
EBITDA 867 547 59 1,175 (26)
EBITDA margin (%) 39.0 33.4 50.4
Net profit 648 565 15 904 (28)
Economic and Political News
Indian banks can weather impact of drought: RBI Provisions in land acquisition bill to affect projects: CII MSME Ministry says not consulted on single brand IKEA FDI move RBI relaxes KCC repayment norms to help farmers fight drought
Corporate News
Jet Airways to hive off flyer plan; eyes 25% ancillary revenue by FY15 DLFs big-ticket asset sale to garner`5,000cr Infosys launches solution for unified, seamless cloud managementSource: Economic Times, Business Standard, Business Line, Financial Express, Mint
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Date Company
August 08, 2012 Bharti Airtel, M&M, Tata Power Co., Power Fin.Corpn., ABB, Goodyear, HEG, TVS Srichakra
August 09, 2012IOC, Tata Motors, Adani Enterp., Ranbaxy, HPCL, GMR Infra., Tech Mahindra, Motherson Sumi, GSPL, ITNL, ApolloTyres, Anant Raj, Nagarjuna Const., Alembic Pharma, Hitachi, ITD Cementation
August 10, 2012 St Bk of India, Sun Pharma, Siemens, BPCL, Bharat Forge, Consolidated Co
August 11, 2012 ONGC, Rcom, Reliance Capital, Madhucon Proj, Godawari Ispat
August 12, 2012
August 13, 2012 Coal India, NMDC, Tata Steel, Bosch India, GSK Pharma, Suzlon Energy, India Cements
August 14, 2012Hindalco, Reliance Power, IDFC, Nalco, Essar Oil, Reliance Infra., Unitech, HDIL, Monnet Ispat, Amara Raja Batteries,Orchid Chemicals, Simplex Infra, Electrosteel Castings, Finolex Cables
Source: Bloomberg, Angel Research
Result Calendar
Global economic events release calendar
Date Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
August 09, 2012 US Initial Jobless claims Thousands Aug 4 365.00 370.00
China Industrial Production (YoY) % Change Jul 9.50 9.70
China Consumer Price Index (YoY) % Change Jul 2.20 1.70
India Industrial Production YoY % Change Jun 2.40 0.70
August 10, 2012 China Exports YoY% % Change Jul 11.30 8.00
August 14, 2012 UK CPI (YoY) % Change Jul 2.40 --
IndiaMonthly Wholesale PricesYoY%
% Change Jul 7.25 7.30
US Producer Price Index (mom) % Change Jul 0.10 0.20
Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A -- --
Germany GDP nsa (YoY) % Change 2Q P 1.70 --
August 15, 2012 UK Jobless claims change % Change Jul 6.10 --
US Industrial Production % Jul 0.43 0.50
US Consumer price index (mom) % Change Jul -- 0.20
August 16, 2012 US Housing Starts Thousands Jul 760.00 760.00
US Building permits Thousands Jul 760.00 770.00
Euro Zone Euro-Zone CPI (YoY) % Jul 2.40 --
August 22, 2012 US Existing home sales Millions Jul 4.37 --
Source: Bloomberg, Angel Research
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August 08, 2012
Market Outlook
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Market StrategyAugust 8, 2012
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Macro watch
Exhibit 1:
5.9
7.5
9.8
7.4
9.4
8.5
7.68.2
9.2
8.0
6.76.1
5.3
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
(%)
Source: CSO, Angel Research
Exhibit 2:
9.5
3.7 3.42.5
(5.0)
6.0
2.7
1.0
4.3
(3.2) (0.9)
2.4
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
12.0
Jun-1
1
Ju
l-11
Aug-1
1
Sep-1
1
Oc
t-11
Nov-1
1
Dec-1
1
Jan-1
2
Fe
b-1
2
Mar-
12
Apr-
12
May-1
2
(%)
Source: MOSPI, Angel Research
Exhibit 3:
9.4 9.810.0 9.9 9.5
7.76.9
7.4 7.7 7.5 7.6 7.3
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Ju
l-11
Aug-1
1
Sep-1
1
Oc
t-11
Nov-1
1
Dec-1
1
Jan-1
2
Fe
b-1
2
Mar-
12
Apr-
12
May-1
2
Jun-1
2
(%)
Source: MOSPI, Angel Research
Exhibit 4:
48.0
50.0
52.0
54.0
56.0
58.0
60.0
Jun-1
1
Ju
l-11
Aug-1
1
Sep-1
1
Oc
t-11
Nov-1
1
Dec-1
1
Jan-1
2
Fe
b-1
2
Mar-
12
Apr-
12
May-1
2
Jun-1
2
Mfg. PMI Services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5:
(30.0)
(15.0)
0.0
15.0
30.0
45.0
60.0
75.0
Ju
l-11
Aug-1
1
Sep-1
1
Oc
t-11
Nov-1
1
Dec-1
1
Jan-1
2
Fe
b-1
2
Mar-
12
Apr-
12
May-1
2
Jun-1
2
Exports yoy growth Imports yoy growth(%)
Source: Bloomberg, Angel Research
Exhibit 6:
4.00
5.00
6.00
7.00
8.00
9.00
Aug-1
1
Sep-1
1
Oc
t-11
Nov-1
1
Dec-1
1
Jan-1
2
Fe
b-1
2
Mar-
12
Apr-
12
May-1
2
Jun-1
2
Ju
l-12
Aug-1
2
Repo rate Reverse Repo rate CRR (%)
Source: RBI, Angel Research
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Agri / Agri Chemical
Rallis Neutral 126 - 2,451 1,466 1,686 14.8 14.8 7.0 8.1 18.0 15.6 3.8 3.3 22.6 22.5 1.7 1.5
United Phosphorus Buy 122 170 5,603 8,421 9,263 16.5 16.5 15.0 17.0 8.1 7.2 1.2 1.0 15.6 15.5 0.8 0.7
Auto & Auto Ancillary
Amara Raja Batteries Accumulate 310 345 2,651 2,715 3,041 15.3 15.3 29.2 32.8 10.7 9.5 2.5 2.0 26.0 23.3 0.9 0.8
Apollo Tyres Buy 81 100 4,060 13,699 15,184 10.5 10.2 12.1 13.3 6.7 6.1 1.2 1.0 19.7 18.4 0.5 0.4
Ashok Leyland Buy 23 30 6,106 14,920 16,850 9.0 9.3 2.2 2.8 10.5 8.4 1.9 1.7 13.3 15.6 0.5 0.4
Automotive Axle Buy 358 430 541 993 1,140 11.6 11.5 36.9 43.0 9.7 8.3 1.9 1.6 21.2 21.3 0.6 0.5Bajaj Auto Neutral 1,668 - 48,272 21,285 23,927 18.2 18.3 108.5 121.3 15.4 13.8 6.4 5.1 46.1 41.3 1.8 1.6
Bharat Forge Buy 312 372 7,266 7,173 7,998 16.3 16.5 22.3 26.6 14.0 11.8 2.7 2.3 21.0 21.0 1.1 0.9
Bosch India Neutral 8,988 - 28,221 9,106 10,255 19.4 19.3 410.2 460.3 21.9 19.5 4.8 4.0 22.1 20.4 2.7 2.3
CEAT Buy 102 164 350 4,989 5,634 8.7 8.5 32.7 41.1 3.1 2.5 0.5 0.4 15.8 16.9 0.3 0.2
Exide Industries Accumulate 130 149 11,076 5,899 6,771 16.0 17.0 7.4 9.1 17.7 14.3 3.2 2.7 19.0 20.2 1.5 1.3
FAG Bearings Neutral 1,540 - 2,560 1,505 1,747 17.7 18.0 111.5 130.0 13.8 11.9 2.9 2.4 22.8 21.7 1.4 1.1
Hero Motocorp Buy 1,953 2,428 38,989 26,097 29,963 15.0 15.3 139.5 151.8 14.0 12.9 6.6 5.0 54.6 44.3 1.2 1.1
JK Tyre Buy 94 135 386 7,517 8,329 6.1 6.3 26.2 38.5 3.6 2.4 0.5 0.4 13.4 17.2 0.3 0.3
Mahindra and Mahindra Buy 696 824 42,702 35,881 40,746 10.0 10.0 47.5 53.2 14.6 13.1 2.9 2.5 21.3 20.5 0.9 0.8
Maruti Accumulate 1,147 1,227 33,135 42,887 49,079 5.5 6.6 66.8 87.6 17.2 13.1 2.0 1.7 12.1 14.1 0.6 0.5
Motherson Sumi Buy 163 216 6,398 23,342 26,366 7.8 8.2 13.3 18.0 12.3 9.1 2.9 2.3 26.2 28.4 0.4 0.4
Subros Buy 30 34 177 1,230 1,378 8.8 8.6 4.5 5.7 6.5 5.2 0.6 0.6 9.8 11.8 0.4 0.3
Tata Motors Buy 239 305 63,629 191,303 211,004 13.0 12.9 40.7 43.8 5.9 5.5 2.0 1.7 36.0 33.1 0.4 0.4
TVS Motor Accumulate 39 43 1,850 7,545 8,301 6.2 6.1 4.9 5.4 7.9 7.3 1.4 1.2 18.8 18.2 0.2 0.2
Capital Goods
ABB* Sell 791 498 16,752 8,760 10,023 7.6 7.5 18.2 20.7 43.4 38.1 5.8 5.2 14.4 14.6 1.9 1.7BGR Energy Neutral 285 - 2,056 4,195 4,837 11.0 11.0 30.1 32.4 9.5 8.8 1.6 1.5 18.4 17.6 1.0 1.0
BHEL Neutral 232 - 56,784 47,801 43,757 19.4 19.8 25.7 23.9 9.0 9.7 1.9 1.7 22.7 18.3 1.1 0.9
Blue Star Neutral 193 - 1,732 3,047 3,328 5.4 6.9 9.6 16.2 20.0 11.9 3.9 3.2 20.7 29.7 0.7 0.5
Crompton Greaves Accumulate 118 128 7,554 12,691 14,096 7.0 8.5 6.5 9.1 18.1 12.9 1.9 1.8 11.1 14.2 0.6 0.6
Jyoti Structures Buy 40 67 328 2,622 2,801 10.6 11.0 10.9 13.4 3.7 3.0 0.5 0.4 13.7 14.9 0.3 0.3
KEC International Buy 56 69 1,451 6,858 7,431 7.5 8.3 9.0 11.5 6.3 4.9 1.1 0.9 26.9 27.2 0.3 0.3
LMW Buy 1,742 1,992 1,962 2,369 2,727 11.7 11.7 143.4 166.0 12.1 10.5 2.0 1.9 17.4 18.4 0.3 0.2
Thermax Neutral 507 - 6,043 5,514 5,559 8.9 9.6 26.9 28.4 18.9 17.9 3.3 2.9 18.4 17.1 1.0 1.0
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Market Outlook
Stock Watch
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Financials
Corporation Bank Accumulate 402 454 5,953 5,067 5,998 2.1 2.3 105.6 111.0 3.8 3.6 0.7 0.6 17.6 16.3 - -
Dena Bank Buy 92 107 3,214 3,177 3,595 2.8 2.8 25.2 25.4 3.7 3.6 0.6 0.6 18.9 16.4 - -
Federal Bank Accumulate 416 459 7,113 2,736 3,165 3.4 3.4 49.3 57.4 8.4 7.3 1.1 1.0 13.9 14.5 - -
HDFC Reduce 720 671 108,275 7,340 8,805 3.5 3.5 31.5 37.8 22.8 19.0 4.6 4.1 34.8 32.2 - -
HDFC Bank Neutral 600 - 141,409 21,936 27,454 4.4 4.4 28.7 36.0 20.9 16.6 4.0 3.4 20.7 22.0 - -
ICICI Bank Buy 974 1,169 111,931 22,356 27,157 2.9 3.0 68.7 82.0 14.2 11.9 1.7 1.6 14.2 15.5 - -
IDBI Bank Buy 87 105 11,167 7,952 9,876 1.9 2.2 18.5 23.6 4.7 3.7 0.6 0.5 12.8 14.7 - -Indian Bank Accumulate 179 197 7,678 6,294 7,191 3.4 3.4 40.6 44.9 4.4 4.0 0.7 0.6 18.1 17.4 - -
IOB Accumulate 73 84 5,850 7,473 8,732 2.5 2.5 16.7 22.6 4.4 3.3 0.5 0.5 11.8 14.4 - -
J & K Bank Neutral 943 - 4,573 2,525 2,858 3.5 3.5 175.8 183.1 5.4 5.2 1.0 0.8 19.3 17.5 - -
LIC Housing Finance Accumulate 258 279 13,000 1,867 2,338 2.4 2.4 21.1 28.5 12.2 9.0 2.0 1.7 17.5 20.4 - -
Oriental Bank Buy 234 278 6,830 6,518 7,458 2.8 2.9 61.3 65.1 3.8 3.6 0.6 0.5 15.2 14.3 - -
Punjab Natl.Bank Buy 755 975 25,603 20,116 23,625 3.3 3.4 152.8 173.9 4.9 4.3 0.9 0.8 18.2 18.0 - -
South Ind.Bank Accumulate 23 27 2,661 1,514 1,717 2.8 2.7 4.0 4.2 5.9 5.6 1.1 1.0 20.5 18.5 - -
St Bk of India Buy 2,059 2,443 138,188 67,783 78,208 3.7 3.6 226.0 264.2 9.1 7.8 1.5 1.3 17.7 18.1 - -
Syndicate Bank Buy 98 119 5,872 6,997 8,134 3.0 3.1 27.3 29.4 3.6 3.3 0.6 0.6 19.0 17.7 - -
UCO Bank Neutral 70 - 4,670 5,642 6,438 2.5 2.5 16.4 17.6 4.3 4.0 0.8 0.7 16.2 15.4 - -
Union Bank Buy 171 238 9,390 10,299 12,227 2.9 3.0 42.1 49.3 4.1 3.5 0.7 0.6 16.7 17.1 - -
United Bank Buy 57 78 2,067 3,599 4,212 2.8 3.0 18.2 22.3 3.1 2.6 0.5 0.4 15.0 16.2 - -
Vijaya Bank Neutral 54 - 2,659 2,579 3,028 2.1 2.3 8.8 11.6 6.1 4.6 0.7 0.6 11.1 13.3 - -
Yes Bank Buy 371 453 13,148 3,255 4,228 2.8 3.0 34.2 42.7 10.8 8.7 2.3 1.9 23.3 23.8 - -
FMCG
Asian Paints Neutral 3,739 - 35,863 11,198 13,184 16.3 16.3 121.0 144.8 30.9 25.8 10.4 8.2 37.4 35.3 3.1 2.6Britannia Buy 454 633 5,422 5,835 6,824 6.3 6.7 20.7 27.5 21.9 16.5 8.6 6.4 42.7 44.3 0.9 0.8
Colgate Neutral 1,186 - 16,129 3,018 3,429 20.9 22.3 34.6 41.0 34.3 29.0 31.6 24.0 99.5 94.1 5.2 4.6
Dabur India Neutral 120 - 20,939 6,124 7,030 17.0 16.8 4.5 5.2 26.9 23.2 11.1 8.8 43.2 41.5 3.4 2.9
GlaxoSmith Con* Neutral 2,803 - 11,787 3,124 3,663 17.1 17.6 103.0 123.3 27.2 22.7 8.4 6.7 34.0 32.9 3.5 2.9
Godrej Consumer Neutral 605 - 20,579 5,973 7,000 18.4 18.6 22.8 27.2 26.5 22.3 7.3 5.9 31.3 38.4 3.7 3.1
HUL Neutral 470 - 101,669 25,350 28,974 13.9 13.9 14.3 16.5 33.0 28.6 19.6 15.1 70.9 59.8 3.8 3.2
ITC Neutral 261 - 204,482 29,513 33,885 35.4 35.8 9.3 10.8 28.1 24.2 9.3 7.8 35.6 35.0 6.5 5.7
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
FMCG
Marico Neutral 189 - 12,169 4,667 5,427 12.8 12.9 6.6 8.1 28.4 23.2 7.6 6.0 30.0 28.8 2.6 2.2
Nestle* Neutral 4,449 - 42,895 8,610 10,174 20.9 21.2 114.8 139.8 38.8 31.8 23.4 16.3 71.2 60.3 5.0 4.1
Tata Global Neutral 130 - 8,030 7,207 7,927 9.7 10.0 6.6 7.9 19.6 16.5 2.0 1.9 8.6 9.5 1.0 0.9
IT
HCL Tech Accumulate 531 585 36,803 24,400 27,049 18.6 17.5 41.1 45.0 12.9 11.8 2.9 2.5 22.7 21.1 1.4 1.2
Hexaware Buy 114 132 3,388 1,921 2,178 20.6 20.0 10.4 11.4 11.0 10.0 2.7 2.3 24.7 23.4 1.5 1.2
Infosys Accumulate 2,256 2,530 129,529 39,151 41,743 31.6 31.9 161.9 174.5 13.9 12.9 3.3 2.9 23.8 22.1 2.6 2.4Infotech Enterprises Accumulate 172 187 1,912 1,889 2,065 18.0 17.5 18.0 19.7 9.5 8.7 1.4 1.2 14.5 13.7 0.7 0.5
KPIT Cummins Neutral 128 - 2,281 2,149 2,331 15.6 14.8 10.7 11.2 11.9 11.4 2.5 2.0 20.6 17.8 1.0 0.8
Mahindra Satyam Neutral 88 - 10,327 7,492 8,038 17.0 16.3 8.1 8.3 10.8 10.5 1.5 1.3 14.1 12.6 1.0 0.8
Mindtree Accumulate 638 708 2,599 2,341 2,513 18.6 17.1 66.5 70.8 9.6 9.0 2.1 1.7 22.3 19.3 0.9 0.8
Mphasis Neutral 404 - 8,481 5,704 6,009 18.6 17.7 36.0 37.1 11.2 10.9 1.6 1.4 14.0 12.6 1.0 0.9
NIIT Buy 36 52 596 1,162 1,304 14.8 15.1 7.1 8.8 5.1 4.1 0.9 0.8 16.7 18.4 0.4 0.2
Persistent Accumulate 376 398 1,504 1,193 1,278 25.6 24.3 42.6 44.3 8.8 8.5 1.5 1.3 17.2 15.5 0.9 0.8
TCS Accumulate 1,265 1,304 247,510 61,046 67,507 29.3 29.1 67.3 72.4 18.8 17.5 6.0 5.0 31.9 28.3 3.7 3.3
Tech Mahindra Neutral 756 - 9,642 6,282 6,477 17.5 16.5 82.9 85.0 9.1 8.9 2.0 1.6 21.6 18.4 1.5 1.3
Wipro Buy 348 420 85,596 43,492 48,332 19.4 19.3 25.1 28.0 13.9 12.4 2.6 2.2 18.6 18.0 1.6 1.4
Media
D B Corp Buy 195 236 3,571 1,597 1,785 22.9 24.2 11.1 13.9 17.5 14.0 3.3 2.9 20.2 22.1 2.2 1.9
HT Media Buy 89 113 2,085 2,111 2,263 15.2 15.2 7.3 8.1 12.1 10.9 1.3 1.2 11.2 11.2 0.5 0.4
Jagran Prakashan Buy 96 112 3,033 1,506 1,687 22.5 23.2 6.2 7.0 15.5 13.7 3.7 3.3 25.0 25.7 2.2 1.9
PVR Neutral 181 - 468 625 732 17.4 17.1 13.3 15.6 13.6 11.6 1.5 1.3 13.2 13.8 1.1 0.9
Sun TV Network Neutral 290 - 11,426 2,002 2,296 77.1 76.7 18.9 22.1 15.4 13.1 3.9 3.4 27.7 28.3 5.0 4.2Metals & Mining
Bhushan Steel Neutral 471 - 9,998 11,979 14,584 31.6 31.0 49.2 61.4 9.6 7.7 1.3 1.1 14.1 15.2 2.8 2.4
Coal India Neutral 345 - 217,820 68,841 74,509 25.3 25.3 24.1 26.1 14.3 13.2 3.9 3.2 30.4 26.8 2.3 1.9
Electrosteel Castings Buy 19 22 661 1,984 2,074 11.2 12.6 2.0 2.7 9.4 7.1 0.4 0.1 4.2 5.5 0.5 0.5
Hind. Zinc Buy 119 142 50,260 12,446 13,538 56.1 56.6 15.2 16.5 7.9 7.2 1.6 1.3 21.7 19.8 2.2 1.6
Hindalco Neutral 119 - 22,735 83,212 91,057 9.0 9.9 13.7 18.1 8.7 6.6 0.7 0.6 7.9 9.6 0.5 0.5
JSW Steel Neutral 717 - 15,992 38,740 41,459 17.3 17.0 79.9 89.4 9.0 8.0 0.9 0.8 10.4 10.6 0.8 0.8
MOIL Accumulate 267 296 4,484 1,007 1,091 56.6 56.9 29.4 31.9 9.1 8.4 1.6 1.4 19.0 18.2 2.3 1.9
Monnet Ispat Buy 313 447 2,012 3,115 3,748 22.1 25.1 59.1 66.8 5.3 4.7 0.7 0.6 15.6 15.3 1.4 1.0
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Metals & Mining
Nalco Neutral 53 - 13,762 8,474 9,024 12.6 16.2 2.6 3.6 20.9 14.9 1.1 1.1 5.6 7.5 1.2 1.1
NMDC Neutral 183 - 72,515 11,959 13,062 78.2 78.6 19.1 20.9 9.6 8.8 2.4 2.0 27.1 24.4 4.0 3.4
SAIL Neutral 87 - 35,894 50,914 60,785 14.6 15.1 9.4 10.5 9.3 8.3 0.8 0.8 9.2 9.6 1.1 1.0
Sesa Goa Neutral 183 - 15,865 7,704 8,034 33.6 34.6 42.0 43.1 4.4 4.2 0.9 0.8 22.3 19.2 0.3 -
Sterlite Inds Accumulate 104 115 35,051 41,680 45,382 24.2 23.2 16.3 16.9 6.4 6.2 0.7 0.6 11.3 10.7 0.5 0.4
Tata Steel Buy 406 499 39,436 143,088 148,011 10.9 12.1 53.9 66.0 7.5 6.2 0.9 0.8 12.2 13.4 0.6 0.6
Sarda Buy 130 148 466 1,251 1,321 22.7 23.4 33.0 37.1 3.9 3.5 0.6 0.5 15.1 14.8 0.7 0.6Oil & Gas
Cairn India Accumulate 330 380 62,990 16,605 17,258 75.4 71.7 57.0 54.9 5.8 6.0 1.1 0.9 20.2 16.3 2.9 2.2
GAIL Neutral 377 - 47,872 50,176 55,815 15.5 15.8 35.4 36.5 10.7 10.3 1.9 1.7 18.9 17.0 0.1 -
ONGC Accumulate 283 321 241,949 156,331 159,043 37.7 36.3 31.3 32.6 9.0 8.7 1.6 1.4 18.7 17.3 1.2 1.1
Reliance Industries Neutral 784 - 256,627 362,700 380,031 7.9 8.0 61.5 64.3 12.8 12.2 1.3 1.2 10.3 9.9 0.7 0.7
Gujarat Gas Neutral 309 - 3,963 2,472 3,267 16.1 11.5 21.2 19.2 14.6 16.1 5.0 4.3 33.4 28.7 1.5 1.1
Indraprastha Gas Neutral 244 - 3,410 3,040 3,135 24.3 26.7 24.8 27.9 9.8 8.7 2.3 1.9 25.5 23.6 1.1 1.0
Petronet LNG Buy 149 176 11,168 22,696 29,145 8.1 6.6 14.1 14.2 10.6 10.5 3.2 2.5 34.1 26.9 0.6 0.4
Pharmaceuticals
Alembic Pharma Buy 64 91 1,199 1,624 1,855 14.2 15.6 6.6 9.1 9.6 7.0 2.3 1.8 27.5 29.2 1.0 0.8
Aurobindo Pharma Buy 112 156 3,261 5,243 5,767 14.6 14.6 11.8 12.6 9.5 8.9 1.0 0.4 11.4 10.9 0.8 0.6
Aventis* Neutral 2,218 - 5,108 1,482 1,682 15.5 15.5 95.0 104.0 23.4 21.3 4.1 3.2 18.6 17.0 3.2 2.8
Cadila Healthcare Accumulate 886 953 18,142 6,196 7,443 18.5 19.5 37.6 47.7 23.6 18.6 5.3 4.2 26.8 27.5 3.0 2.4
Cipla Accumulate 352 399 28,251 8,031 9,130 23.4 22.4 18.4 20.0 19.1 17.6 3.2 2.7 17.8 16.6 3.3 2.9
Dr Reddy's Neutral 1,657 - 28,132 10,696 11,662 20.7 21.0 83.7 92.9 19.8 17.8 4.1 3.5 22.4 21.0 2.7 2.5
Dishman Pharma Accumulate 87 92 700 1,280 1,536 17.8 17.8 9.2 11.3 9.4 7.7 0.7 0.7 7.7 8.5 1.2 1.0GSK Pharma* Neutral 2,107 - 17,844 2,651 2,993 31.7 31.2 76.0 82.4 27.7 25.6 8.0 6.9 30.8 29.0 5.7 4.9
Indoco Remedies Buy 58 92 533 685 837 15.2 15.2 7.4 8.9 7.8 6.5 1.2 1.0 15.9 16.3 0.9 0.8
Ipca labs Buy 417 475 5,259 2,850 3,474 20.7 20.7 29.2 36.6 14.3 11.4 3.4 2.7 26.1 26.1 2.0 1.6
Lupin Accumulate 590 647 26,357 8,426 10,082 19.7 20.0 27.4 32.4 21.5 18.2 5.2 4.1 27.0 25.2 3.0 2.4
Orchid Chemicals Buy 114 178 802 2,117 2,434 17.7 17.7 16.7 22.2 6.8 5.1 0.6 0.6 9.5 11.5 1.0 0.9
Ranbaxy* Neutral 509 - 21,500 12,046 11,980 18.0 15.8 35.7 29.8 14.3 17.1 5.3 4.4 43.1 28.1 1.8 1.8
Sun Pharma Neutral 669 - 69,189 9,272 11,080 38.6 38.0 22.7 22.6 29.5 29.6 4.9 4.4 17.9 15.6 6.1 4.8
Power
CESC Accumulate 299 342 3,736 5,218 5,644 24.2 23.8 44.6 47.6 6.7 6.3 0.7 0.6 11.0 10.6 1.0 1.1
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
Power
GIPCL Buy 67 77 1,008 1,557 1,573 29.3 28.7 10.8 11.0 6.2 6.1 0.6 0.6 10.8 10.2 1.1 0.9
NTPC Neutral 167 - 137,699 74,111 85,789 23.2 23.6 12.4 14.0 13.5 11.9 1.7 1.5 13.0 13.5 2.6 2.3
Real Estate
Anant Raj Buy 51 78 1,501 657 875 52.0 56.1 8.4 12.7 6.1 4.0 0.4 0.3 6.3 8.9 3.5 2.7
DLF Neutral 218 - 36,949 9,878 12,033 44.7 46.1 9.6 13.4 22.7 16.2 1.4 1.4 6.4 8.7 6.1 5.0
HDIL Buy 84 115 3,505 2,441 3,344 55.1 48.2 22.7 26.6 3.7 3.1 0.3 0.3 8.8 9.4 3.3 2.5
MLIFE Buy 327 396 1,333 813 901 26.2 26.6 32.0 37.1 10.2 8.8 1.1 1.0 10.4 11.0 2.0 1.7Telecom
Bharti Airtel Neutral 294 - 111,571 80,076 86,613 32.8 33.5 15.5 19.8 19.0 14.8 2.0 1.8 10.5 11.9 2.1 1.8
Idea Cellular Neutral 80 - 26,446 23,209 26,063 26.2 27.5 3.3 4.9 24.3 16.2 1.9 1.7 7.7 10.3 1.6 1.4
Rcom Neutral 58 - 11,940 22,125 23,734 31.9 32.0 4.5 5.9 12.9 9.9 0.3 0.3 2.5 3.1 2.0 1.7
zOthers
Abbott India Accumulate 1,503 1,628 3,193 1,661 1,918 9.7 12.0 60.7 90.4 24.8 16.6 5.1 4.1 22.0 27.3 1.7 1.4
Bajaj Electricals Buy 181 246 1,803 3,569 4,172 8.6 9.2 17.3 22.3 10.5 8.1 2.3 1.9 22.9 25.3 0.5 0.4
Cera Sanitaryware Buy 297 352 375 396 470 16.7 16.5 28.0 33.2 10.6 8.9 2.2 1.8 23.8 23.1 1.1 0.9
Cravatex Buy 609 785 157 302 364 5.7 6.0 49.0 71.0 12.4 8.6 3.7 2.6 29.8 30.7 0.6 0.5
CRISIL Neutral 900 - 6,313 982 1,136 34.3 34.3 34.3 40.0 26.2 22.5 11.9 9.5 50.9 46.9 6.2 5.2
Finolex Cables Buy 40 61 609 2,334 2,687 8.8 9.3 7.6 10.2 5.2 3.9 0.7 0.6 13.7 16.1 0.2 0.1
Force Motors Buy 442 591 576 2,214 2,765 4.5 5.4 39.5 73.9 11.2 6.0 0.5 0.5 4.4 7.6 0.1 0.1
Goodyear India Accumulate 330 374 762 1,511 1,692 7.9 9.0 31.5 41.3 10.5 8.0 2.1 1.7 21.2 23.5 0.3 0.2
Graphite India Buy 83 124 1,613 2,158 2,406 18.1 18.9 12.4 14.0 6.7 5.9 0.9 0.8 14.0 14.3 0.9 0.7
Greenply Industries Buy 185 309 447 1,925 2,235 10.6 10.9 29.6 44.1 6.3 4.2 1.0 0.8 16.8 21.0 0.5 0.4
HEG Buy 206 242 821 1,746 1,946 16.5 17.7 22.5 32.9 9.1 6.2 0.9 0.9 10.4 14.2 1.1 1.0Hitachi Buy 117 160 269 857 968 6.9 8.4 10.2 16.0 11.5 7.3 1.4 1.2 12.9 17.8 0.4 0.4
Honeywell Automation Accumulate 2,529 2,842 2,236 1,847 2,162 4.3 7.3 61.0 120.0 41.5 21.1 3.3 2.8 9.3 16.3 1.1 0.9
INEOS ABS India Accumulate 670 744 1,178 1,056 1,081 8.1 10.6 33.8 46.5 19.8 14.4 2.7 2.3 14.7 17.5 1.1 1.0
ITD Cementation Neutral 230 - 265 1,535 1,842 11.1 11.1 27.3 38.3 8.4 6.0 0.7 0.6 7.9 10.2 0.6 0.6
Jyothy Laboratories Accumulate 135 145 2,171 1,248 1,468 9.8 10.4 5.9 7.2 22.7 18.8 3.3 3.0 15.0 16.6 2.1 1.7
MCX Buy 1,100 1,598 5,612 610 702 65.5 67.0 67.9 79.9 16.2 13.8 4.7 4.0 29.1 28.9 6.1 4.8
MRF Buy 10,485 12,884 4,447 11,804 12,727 10.4 10.5 1,289.9 1,431.3 8.1 7.3 1.6 1.3 21.3 19.4 0.5 0.5
Page Industries Neutral 3,058 - 3,411 887 1,108 18.3 18.6 95.0 120.9 32.2 25.3 16.8 13.6 57.4 59.5 3.8 3.0
Relaxo Footwears Buy 514 684 616 1,019 1,220 11.8 12.1 48.3 62.2 10.6 8.3 2.7 2.0 28.9 28.2 0.8 0.7
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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 ) FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E FY13E FY14E
zOthers
Sintex Industries Buy 62 79 1,690 4,751 5,189 16.3 16.6 13.6 15.8 4.5 3.9 0.6 0.5 12.9 13.2 0.7 0.6
Siyaram Silk Mills Buy 289 392 270 1,042 1,173 12.4 12.5 66.3 78.5 4.4 3.7 0.8 0.7 21.1 20.8 0.5 0.4
S. Kumars Nationwide Buy 25 45 757 7,279 8,290 21.0 21.0 15.0 17.6 1.7 1.4 0.2 0.2 13.7 13.9 0.7 0.6
SpiceJet Buy 36 40 1,744 5,647 6,513 3.5 6.5 1.9 4.9 18.5 7.4 43.5 6.3 - - 0.4 0.4
TAJ GVK Buy 66 108 415 300 319 35.8 36.2 7.9 9.1 8.4 7.3 1.1 1.0 13.9 14.4 1.8 1.5
Tata Sponge Iron Buy 340 424 523 787 837 16.2 17.5 58.5 66.9 5.8 5.1 0.8 0.7 14.9 15.1 0.3 0.2
TVS Srichakra Buy 337 462 258 1,612 1,827 9.5 9.8 72.3 92.5 4.7 3.7 1.4 1.0 33.1 32.1 0.4 0.3United Spirits Neutral 845 - 11,057 10,289 11,421 13.5 14.3 31.0 42.9 27.2 19.7 2.1 1.9 8.1 10.3 1.8 1.6
Vesuvius India Accumulate 369 413 749 628 716 16.4 16.5 29.8 34.4 12.4 10.7 2.2 1.9 18.8 18.6 1.0 0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 07, 2012
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