Escolar Documentos
Profissional Documentos
Cultura Documentos
Dealers Diary
The Indian market is expected to open positively today tracing positive opening
trades in the SGX Nifty and major Asian indices. Most of the Asian bourses rose, as
Japans cabinet approved a second economic stimulus package and industrial
production unexpectedly increased.
The US markets moved mostly higher during trading on Thursday despite seeing
some mid-day volatility in reaction to the latest headlines out of Washington, as
traders reacted positively to a batch of largely upbeat US economic data.
Meanwhile, the European bourses finished solidly to the upside on Thursday,
mainly on investor optimism that a deal can be reached on the looming fiscal cliff
in the US. Statements made yesterday by both President Barack Obama and
Speaker of the House suggested that a deal to avoid a budget crisis could be
reached before the end of the year. A strong upward revision to US GDP and a
surge in pending home sales also provided a boost to investor sentiment.
The domestic markets rallied sharply for a second straight day on Thursday, helped
by firm global cues and the end to the four-day logjam in Parliament on FDI in
retail. Lok Sabha Speaker allowed a discussion on the subject under a rule that
entails voting, saying she has received 30 notices for discussion on FDI in multibrand retail under Rule 184. The debate and vote on the issue will take place on
December 4 and 5.
Markets Today
S2
18,752
5,701
S1
18,961
5,763
PIVOT
19,083
5,798
R1
19,293
5,860
R2
19,415
5,896
News Analysis
Purch
3,948
274
Sales
2,779
483
Net
1,169
(209)
MTD
7,318
(1,428)
YTD
55,532
(10,810)
Purch
6,820
10,385
Sales
4,474
10,902
Net
2,346
(516)
Open Interest
9,702
29,279
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Indiabulls Fin
253
10.6
Suzlon Energy
19
8.8
Unitech
Company
Apollo Hosp
NHPC
Losers
Price (`)
chg (%)
805
(8.0)
23
(3.6)
32
8.7
Adani Ports
125
(3.0)
Opto Circuits
105
6.7
Mphasis
388
(2.9)
IRB Infra
134
6.3
Crompton Greav
113
(2.8)
www.angelbroking.com
(Close)
1.8
1.7
328.8 19,171
97.5
5,825
MID CAP
1.3
85.2
6,827
SMALL CAP
0.5
32.7
7,216
BSE HC
0.9
67.5
7,904
73.3
7,058
BSE PSU
1.1
BANKEX
2.8
370.0 13,751
AUTO
2.1
220.6 10,849
METAL
1.1
112.8 10,145
1.3
102.8
8,164
(0.4)
(20.9)
5,856
(Pts)
(Close)
BSE IT
Global Indices
Chg (%)
Dow Jones
0.3
36.7 13,022
NASDAQ
0.7
20.3
3,012
FTSE
1.2
67.0
5,870
Nikkei
1.0
92.5
9,401
Hang Seng
1.0
Straits Times
1.1
34.1
3,046
(0.5)
(10.0)
1,963
Chg (%)
(Pts)
(Close)
INFY
2.8
1.2
$44.7
WIT
2.3
0.2
$8.6
IBN
7.1
2.8
$41.5
HDB
6.4
2.6
$42.9
Indian ADR
Advances / Declines
213.9 21,923
BSE
NSE
Advances
1,681
891
Declines
1,264
638
119
73
Volumes (` cr)
(Pts)
Nifty
Unchanged
Chg (%)
BSE Sensex
Shanghai Com
The trend deciding level for the day is 19,083 / 5,798 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,293 19,415 / 5,860 5,896 levels. However, if NIFTY trades below
19,083 / 5,798 levels for the first half-an-hour of trade then it may correct up to
18,961 18,752 / 5,763 5,701 levels.
Indices
SENSEX
NIFTY
Domestic Indices
BSE
3,342
NSE
19,420
Market Outlook
November 30, 2012
Result Review
MRF- 4QSY2012 (CMP: `10,529/ TP: 13,416/ Upside: 27.4%)
For 4QSY2012, MRF reported a topline growth of 14.3% yoy to `2,994cr broadly
inline with our estimate of `2927cr, while for the full year SY2012, revenue grew
by 21.8% yoy from `9743cr to `11,870cr. Decline in rubber prices led to 477bp
yoy expansion in EBITDA margin to 11.7% for 4QSY2012 as compared to 6.9% in
4QSY2011; and witnessed a 234bp yoy expansion in SY2012. Net profit for the
quarter stood at `165cr and is not comparable to 4QSY2011 quarter since the
company made a one-off adjustment for change in method of depreciation during
www.angelbroking.com
Market Outlook
November 30, 2012
4QSY2011; however it was 18.3% higher than our estimate of `139cr mainly due
to higher than expected increase in EBITDA margin. For SY2012, adjusted net
profit grew by a stupendous 67% yoy to `572cr from `343cr in SY2011.
At current market price, the stock is trading at a PE of 6.3x for SY2014E and P/B of
1.1x for SY2014E. As we roll over to SY2014, we expect the revenue to post a
10.2% CAGR in revenue to `14,405cr. EBITDA margin is expected to be flattish
10.6%, while net profit is expected to post a 11.5% CAGR over SY2012-14E. We
maintain our Buy recommendation on the stock with a revised target price of
`13,416, based on a target P/E of 8.0x for SY2014E.
Y/E
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/sales
Sept
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
SY2013E
13,030
10.3
601.3
1,418
19.1
7.4
1.3
4.3
0.4
SY2014E
14,405
10.6
711.1
1,677
18.7
6.3
1.1
3.6
0.4
Sales
OPM
PAT
EPS
RoE
P/E
P/BV
EV/EBITDA
EV/Sales
September
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
SY2013E
1,103
11.0
59
39.1
19.5
9.1
1.7
4.2
0.5
SY2014E
1,240
11.3
68
45.0
22.8
7.9
1.6
3.7
0.4
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
www.angelbroking.com
Market Outlook
November 30, 2012
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
11:00AM
India
% Change
3Q
5.50
--
December 1, 2012
6:30AM
China
PMI Manufacturing
Value
Nov
50.20
--
December 3, 2012
3:00PM
UK
PMI Manufacturing
Value
Nov
47.50
--
December 6, 2012
3:30PM
% Change
3Q P
(0.10)
--
5:30PM
UK
% Ratio
Dec 6
0.50
0.50
6:15PM
Dec 6
0.75
--
3:00PM
UK
% Change
Oct
(2.60)
--
7:00PM
US
Thousands
Nov
171.00
--
7:00PM
US
Unnemployment rate
Nov
7.90
--
7:00AM
China
% Change
Nov
1.70
--
11:00AM
China
% Change
Nov
9.60
--
5:29PM
China
Exports YoY%
% Change
Nov
11.60
--
11:00AM
India
% Change
Oct
(0.40)
--
% Change
Nov
10.10
--
Dec 12
0.25
--
December 7, 2012
December 9, 2012
3:00PM
UK
11:00PM
US
7:00PM
US
% Change
Nov
(0.20)
--
12:00PM
India
% Change
Nov
7.45
--
3:30PM
Nov
2.50
--
7:00PM
US
% Change
Nov
0.10
--
7:45PM
US
Industrial Production
Nov
(0.40)
--
11:00AM
India
Dec 18
8.00
--
11:00AM
India
Dec 18
4.25
--
3:00PM
UK
CPI (YoY)
% Change
Nov
2.70
--
Market Outlook
November 30, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
10.0
8.0
9.2
9.0
8.5
9.0
8.2
7.6
7.5
8.0
6.0
6.0
8.0
7.0
5.3 5.5
5.0
1.0
(4.0)
(6.0)
Sep-12
Aug-12
(0.2)
(1.3)
(2.8)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Oct-11
(2.0)
4QFY09
2.3
2.5
3.5
3.0
(0.4)
(2.0)
(5.0)
(%)
Mfg. PMI
60.0
Services PMI
9.5
7.7
6.9
7.4
7.7
7.5
7.6
7.6
7.5
8.0
7.8
58.0
7.5
56.0
54.0
52.0
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
48.0
Nov-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
50.0
Nov-11
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2.0
Oct-11
4.0
2.7
6.1
5.7
6.0
4.3
4.0
6.7
(%)
9.00
45.0
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
www.angelbroking.com
4.25
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
5.00
Nov-11
(30.0)
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(15.0)
Nov-11
0.0
Market Outlook
November 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
158
3,080
1,466
1,686
14.8
14.8
7.0
8.1
22.6
19.6
4.8
4.1
22.6
22.5
2.2
1.9
United Phosphorus
Buy
114
170
5,269
8,421
9,263
16.5
16.5
15.0
17.0
7.6
6.7
1.1
1.0
15.6
15.5
0.8
0.7
Neutral
255
4,351
2,911
3,321
16.2
16.2
17.3
19.8
14.7
12.8
4.0
3.2
31.1
27.6
1.4
1.2
Apollo Tyres
Buy
84
96
4,214
13,713
15,341
11.2
11.2
12.5
14.8
6.7
5.6
1.2
1.0
20.2
19.9
0.5
0.4
Ashok Leyland
Accumulate
28
31
7,437
14,490
16,606
9.5
9.6
2.2
2.9
12.6
9.8
2.3
2.1
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
356
538
1,103
1,240
11.0
11.3
39.1
45.0
9.1
7.9
1.7
1.6
19.5
22.8
0.5
0.4
Bajaj Auto
Reduce
1,953
1,839
56,500
21,121
23,642
18.4
18.5
108.7
122.6
18.0
15.9
7.4
6.0
46.2
41.6
2.3
2.0
Bharat Forge
Buy
261
324
6,079
6,754
7,565
15.5
15.7
18.8
23.2
13.9
11.3
2.4
2.1
18.5
19.7
1.1
0.9
Bosch India*
Neutral
9,200
28,888
8,776
10,276
16.6
18.0
331.9
417.7
27.7
22.0
5.2
4.3
18.7
19.5
3.0
2.5
CEAT
Buy
103
163
353
4,989
5,634
8.2
8.5
27.1
40.8
3.8
2.5
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
144
155
12,210
6,229
7,200
14.8
15.8
7.2
9.0
20.0
16.1
3.5
3.0
18.5
19.9
1.7
1.4
FAG Bearings*
Neutral
1,682
2,795
1,489
1,750
16.5
17.5
103.3
126.9
16.3
13.3
3.2
2.6
21.3
21.6
1.6
1.3
Hero Motocorp
Accumulate
1,823
1,956
36,398
24,743
27,996
14.8
15.2
118.2
130.4
15.4
14.0
6.6
5.3
48.3
41.9
1.2
1.0
JK Tyre
Buy
114
165
469
7,517
8,329
6.6
6.6
37.2
41.3
3.1
2.8
0.5
0.5
18.8
17.8
0.3
0.3
933
986
57,300
40,035
46,272
11.5
11.6
54.7
62.8
17.1
14.9
3.8
3.2
24.3
23.4
1.2
1.0
Maruti
Neutral
1,487
42,974
42,019
50,246
7.3
8.6
66.1
94.4
22.5
15.8
2.6
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
176
10,341
24,285
27,317
6.7
7.2
8.1
10.6
21.9
16.6
4.6
3.7
22.9
24.7
0.6
0.5
Subros
Accumulate
32
35
190
1,286
1,479
9.4
9.7
2.6
5.1
12.2
6.3
0.7
0.6
5.6
10.3
0.4
0.4
Tata Motors
Accumulate
278
319
12.8
13.1
37.0
44.5
7.5
6.3
2.1
1.6
31.2
28.9
0.4
0.4
TVS Motor
Buy
39
45
1,831
7,466
8,290
6.2
6.3
4.8
5.6
8.1
6.9
1.4
1.2
18.2
18.7
0.2
0.2
ABB*
Sell
704
573
14,913
7,796
9,907
4.8
7.8
9.2
22.0
76.5
32.0
5.6
4.9
7.5
16.4
1.9
1.5
BGR Energy
Neutral
268
1,931
3,605
4,542
11.8
10.7
25.1
27.9
10.7
9.6
1.6
1.4
31.1
27.1
1.0
0.9
BHEL
Neutral
222
54,435
47,801
43,757
18.5
18.0
24.6
21.8
9.0
10.2
2.7
2.3
33.5
24.5
1.0
1.1
Blue Star
Buy
189
242
1,701
2,763
2,948
3.1
5.6
2.6
8.6
71.9
22.1
4.2
3.7
5.9
17.6
0.7
0.6
Crompton Greaves
Buy
113
145
7,252
12,370
14,277
5.2
7.3
4.0
7.8
28.3
14.5
1.9
1.8
6.9
12.6
0.6
0.6
Jyoti Structures
Accumulate
46
53
380
2,794
3,048
10.6
10.6
9.2
11.7
5.0
4.0
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Buy
62
73
1,606
6,858
7,431
7.1
7.5
8.3
9.8
7.5
6.4
1.3
1.1
25.1
24.0
0.4
0.3
LMW
Neutral
2,071
2,333
2,369
2,727
11.7
11.7
143.4
166.0
14.4
12.5
2.4
2.2
17.4
18.4
0.5
0.4
Thermax
Neutral
591
7,040
5,514
5,813
9.3
10.2
28.1
31.2
21.0
18.9
3.8
3.3
19.2
18.5
1.1
1.0
Capital Goods
www.angelbroking.com
Market Outlook
November 30, 2012
Stock Watch
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
Cement
ACC
Neutral
1,395
26,198
11,085
12,415
21.6
21.4
79.4
83.1
17.6
16.8
3.4
3.1
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
208
31,979
10,272
11,884
26.4
26.1
11.5
12.9
18.1
16.1
4.0
3.5
20.8
21.1
2.7
2.2
India Cements
Neutral
85
2,597
4,293
4,666
17.7
18.1
8.6
10.8
9.9
7.9
0.7
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Accumulate
136
143
1,662
2,082
2,423
22.9
23.1
20.8
22.5
6.5
6.1
1.2
1.0
18.4
17.4
0.9
1.2
Madras Cements
Neutral
203
4,825
3,814
4,045
29.3
27.5
18.7
19.2
10.8
10.6
2.0
1.7
19.9
17.4
1.9
1.7
Shree Cements^
Neutral
4,402
15,334
5,701
6,210
29.7
28.1
240.7
260.7
18.3
16.9
4.4
3.6
27.1
23.6
2.1
1.7
UltraTech Cement
Neutral
1,914
52,463
21,368
24,043
22.5
23.5
103.5
121.4
18.5
15.8
3.5
2.9
20.2
20.1
2.4
2.2
205
304
1,079
2,034
2,315
22.4
22.4
27.1
31.7
7.6
6.5
0.9
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
235
2,262
2,522
6.7
7.5
1.5
2.7
8.6
4.8
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
134
164
4,457
3,843
4,212
43.1
43.6
16.8
17.8
8.0
7.5
1.4
1.2
18.3
17.0
3.3
3.6
ITNL
Buy
187
225
3,631
6,564
7,054
27.2
27.4
26.3
29.0
7.1
6.4
1.1
1.0
14.0
11.8
2.7
2.7
IVRCL Infra
Neutral
40
1,240
4,249
6,897
7.8
8.2
0.3
3.3
131.0
12.2
0.6
0.5
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Accumulate
95
100
20,199
13,842
15,863
26.9
26.4
3.7
4.6
25.9
20.8
1.6
1.5
6.2
7.3
2.9
2.6
Accumulate
1,662
1,748
102,200
60,556
69,167
11.2
11.6
73.8
85.5
22.5
19.4
3.6
3.1
13.5
14.1
1.9
1.6
Nagarjuna Const.
Reduce
47
44
1,216
5,947
6,569
8.5
8.6
3.1
4.1
15.3
11.5
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
52
1,742
11,892
13,116
9.0
9.0
1.8
3.2
29.0
16.3
0.6
0.6
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
136
168
2,051
2,344
2,804
10.6
10.7
7.2
8.7
18.9
15.6
2.3
2.0
13.0
13.5
1.2
1.1
Simplex Infra
Buy
179
251
886
6,882
8,032
9.1
9.1
23.2
31.3
7.7
5.7
0.7
0.6
9.1
11.2
0.5
0.4
Allahabad Bank
Accumulate
137
152
6,870
6,392
7,238
2.7
2.8
30.3
33.3
4.5
4.1
0.7
0.6
14.8
14.5
Andhra Bank
Neutral
108
6,052
4,731
5,431
2.9
3.0
21.5
21.8
5.0
5.0
0.8
0.7
15.2
13.8
Axis Bank
Accumulate
1,306
1,476
55,718
15,686
18,687
3.1
3.2
116.8
138.0
11.2
9.5
2.1
1.8
20.0
20.2
Bank of Baroda
Accumulate
740
817
28,984
15,436
18,208
2.5
2.6
111.8
137.4
6.6
5.4
1.0
0.9
15.8
17.0
Bank of India
Accumulate
276
294
15,819
12,491
14,883
2.2
2.4
43.8
63.7
6.3
4.3
0.8
0.7
12.1
15.8
Bank of Maharashtra
Neutral
55
3,266
3,563
3,876
3.1
3.1
9.7
12.0
5.7
4.6
0.8
0.7
14.6
16.1
Canara Bank
Neutral
443
19,634
10,699
12,213
2.1
2.2
67.3
80.1
6.6
5.5
0.9
0.8
13.7
14.6
Central Bank
Neutral
75
5,517
7,171
8,236
2.5
2.6
16.4
21.5
4.6
3.5
0.8
0.6
12.7
14.9
Corporation Bank
Accumulate
411
445
6,090
4,780
5,569
2.0
2.1
101.8
99.2
4.0
4.1
0.7
0.6
17.0
14.7
Dena Bank
Accumulate
109
123
3,803
3,087
3,453
2.7
2.8
25.9
24.1
4.2
4.5
0.8
0.7
19.4
15.6
Federal Bank
Neutral
472
8,070
2,617
2,968
3.3
3.2
45.9
51.7
10.3
9.1
1.3
1.2
13.1
13.3
Financials
www.angelbroking.com
Market Outlook
November 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
HDFC
Reduce
821
771
126,531
7,336
8,802
3.5
3.5
31.5
37.8
26.1
21.7
5.2
4.6
34.8
32.1
HDFC Bank
Reduce
699
621
165,156
21,696
26,811
4.4
4.5
28.7
36.0
24.4
19.4
4.7
3.9
20.7
22.0
ICICI Bank
Buy
1,082
1,270
124,359
22,271
26,690
3.0
3.0
69.2
83.1
15.6
13.0
1.9
1.7
14.2
15.7
IDBI Bank
Neutral
104
13,353
7,684
9,264
1.8
2.1
15.6
22.0
6.7
4.8
0.7
0.7
10.9
13.9
Indian Bank
Accumulate
179
195
7,708
5,874
6,551
3.2
3.2
40.6
41.8
4.4
4.3
0.7
0.6
18.1
16.4
IOB
Neutral
77
6,129
7,050
8,313
2.3
2.5
12.3
19.9
6.3
3.9
0.6
0.5
8.8
13.1
J & K Bank
Neutral
1,381
6,697
2,762
2,885
3.6
3.6
226.7
193.0
6.1
7.2
1.4
1.2
24.4
17.7
Buy
258
298
13,015
1,799
2,255
2.3
2.4
20.3
27.3
12.7
9.5
2.0
1.7
16.9
19.7
Oriental Bank
Accumulate
320
347
9,349
6,277
7,090
2.6
2.7
60.5
65.1
5.3
4.9
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
766
843
25,995
19,652
22,601
3.2
3.3
135.0
164.3
5.7
4.7
1.0
0.8
16.3
17.3
South Ind.Bank
Neutral
24
3,167
1,556
1,750
2.8
2.7
3.5
3.9
6.8
6.2
1.1
1.0
19.1
16.9
St Bk of India
Accumulate
2,132
2,437
143,070
61,883
71,546
3.4
3.4
227.2
257.5
9.4
8.3
1.6
1.4
17.8
17.7
Syndicate Bank
Accumulate
123
131
7,392
6,756
7,783
3.0
3.0
26.3
27.1
4.7
4.5
0.8
0.7
18.3
16.6
UCO Bank
Neutral
73
4,879
5,234
6,097
2.3
2.4
11.8
14.7
6.2
5.0
1.0
0.8
11.9
13.4
Union Bank
Accumulate
234
250
12,880
9,912
11,536
2.8
2.9
40.4
46.7
5.8
5.0
1.0
0.8
16.1
16.4
United Bank
Accumulate
68
74
2,437
3,500
3,912
2.6
2.8
15.8
21.2
4.3
3.2
0.6
0.5
13.1
15.7
Vijaya Bank
Neutral
56
2,765
2,354
2,754
2.0
2.2
7.4
10.2
7.6
5.5
0.8
0.7
9.3
11.9
Yes Bank
Accumulate
443
492
15,801
3,270
4,240
2.8
3.0
34.5
42.2
12.8
10.5
2.7
2.3
23.5
23.5
4,318
41,415
11,198
13,184
16.2
16.2
123.7
146.4
34.9
29.5
11.9
9.3
38.1
35.4
3.6
3.1
492
584
5,882
5,627
6,581
4.9
5.7
18.3
24.7
26.9
20.0
9.8
7.5
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,455
19,784
3,146
3,573
20.6
21.4
36.4
42.5
40.0
34.2
37.0
31.0
102.0
98.5
6.1
5.4
Dabur India
Neutral
126
21,917
6,124
7,101
17.0
16.8
4.5
5.2
28.1
24.0
11.6
9.2
43.2
41.5
3.6
3.0
GlaxoSmith Con*
Neutral
3,697
15,548
3,124
3,663
17.1
17.6
104.5
123.8
35.4
29.9
11.0
8.8
34.4
32.8
4.6
3.9
Godrej Consumer
Neutral
734
24,987
6,355
7,548
18.4
18.6
22.8
27.6
32.2
26.6
7.4
6.1
26.4
26.1
4.1
3.4
HUL
Neutral
548
118,421
25,350
28,974
13.3
13.5
14.7
17.1
37.2
32.1
29.4
20.8
84.5
75.8
4.5
3.9
ITC
Neutral
298
234,479
29,409
34,060
35.7
36.1
9.3
10.9
32.0
27.3
10.6
8.8
35.8
35.3
7.7
6.6
Marico
Neutral
219
14,132
4,840
5,643
13.1
13.1
6.2
7.8
35.5
28.2
6.8
5.5
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,756
45,857
8,529
10,079
20.8
21.1
113.1
137.8
42.1
34.5
25.2
17.7
70.5
60.2
5.4
4.5
Tata Global
Neutral
163
10,055
7,207
7,927
9.7
10.0
6.6
7.8
24.6
20.8
2.5
2.4
8.6
9.5
1.3
1.2
www.angelbroking.com
Market Outlook
November 30, 2012
Stock Watch
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
IT
HCL Tech^
Neutral
641
44,513
24,214
26,772
19.5
18.1
44.0
48.0
14.6
13.4
3.5
2.9
24.0
22.0
1.8
1.5
Hexaware*
Buy
109
135
3,229
1,944
2,159
21.8
21.1
11.4
12.2
9.6
8.9
2.5
2.1
26.4
24.1
1.4
1.2
Infosys
Accumulate
2,445
2,573
140,391
39,174
41,580
29.5
30.4
159.2
171.6
15.4
14.3
3.7
3.3
24.1
23.1
3.0
2.8
Infotech Enterprises
Accumulate
189
202
2,103
1,886
2,032
17.9
17.3
18.7
20.2
10.1
9.4
1.5
1.3
14.9
14.0
0.8
0.6
KPIT Cummins
Neutral
126
2,256
2,195
2,317
15.5
15.0
10.7
12.1
11.8
10.5
2.5
2.0
21.0
19.8
1.0
0.9
Mahindra Satyam
Accumulate
101
115
11,940
7,597
8,141
20.0
18.8
9.7
10.4
10.5
9.7
2.9
2.2
27.5
22.9
1.2
1.0
Mindtree
Accumulate
693
747
2,849
2,324
2,437
20.0
17.7
73.3
74.7
9.5
9.3
2.3
1.8
24.1
19.7
1.0
0.8
Mphasis&
Neutral
386
8,109
5,700
5,993
18.0
16.9
37.0
37.3
10.4
10.4
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Accumulate
32
36
527
1,048
1,161
9.3
10.9
4.2
6.2
7.6
5.1
0.8
0.7
10.5
14.1
0.3
0.2
Persistent
Neutral
476
1,905
1,261
1,352
26.4
24.7
48.2
54.0
9.9
8.8
1.9
1.6
19.0
17.9
1.2
1.0
TCS
Accumulate
1,298
1,410
254,057
61,053
67,313
28.7
29.1
69.7
76.2
18.6
17.0
6.1
5.0
32.6
29.1
4.0
3.5
Tech Mahindra
Buy
880
1,070
11,233
6,603
7,150
19.8
18.4
92.9
102.0
9.5
8.6
2.2
1.8
23.7
21.0
1.8
1.6
Wipro
Accumulate
385
421
94,874
43,219
47,241
20.0
20.0
26.1
28.1
14.7
13.7
2.8
2.5
19.3
17.9
1.9
1.6
D B Corp
Buy
219
259
4,015
1,581
1,784
23.3
25.0
11.6
14.4
18.9
15.2
3.7
3.2
21.0
22.3
2.4
2.1
HT Media
Accumulate
102
113
2,394
2,111
2,272
15.0
15.2
7.4
8.3
13.8
12.3
1.5
1.3
11.3
11.4
0.8
0.7
Jagran Prakashan
Buy
101
117
3,194
1,503
1,681
23.1
23.1
6.4
7.3
15.8
13.9
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
255
738
625
732
17.4
17.1
13.3
15.6
19.2
16.3
2.1
1.8
13.2
13.8
1.6
1.3
Sun TV Network
Neutral
407
16,025
1,942
2,237
77.2
75.5
17.6
19.1
23.1
21.3
5.8
5.2
25.8
25.2
7.8
6.7
Bhushan Steel
Neutral
459
9,748
11,307
14,287
29.5
29.1
45.1
51.0
10.2
9.0
1.2
1.0
12.2
12.2
2.9
2.3
Coal India
Neutral
369
233,011
66,666
70,292
25.7
27.3
24.2
26.6
15.3
13.9
4.5
3.6
33.1
29.1
2.5
2.3
Electrosteel Castings
Accumulate
26
29
901
1,984
2,074
10.6
11.6
0.8
2.0
31.2
12.9
0.5
0.2
1.7
4.1
0.7
0.6
Hind. Zinc
Accumulate
138
145
58,288
12,446
13,538
52.3
52.9
15.0
16.4
9.2
8.4
1.8
1.5
21.4
19.7
2.8
2.2
Hindalco
Neutral
113
21,702
79,148
89,258
9.4
9.0
15.0
15.6
7.6
7.3
0.6
0.6
8.8
8.4
0.7
0.6
JSW Steel
Neutral
732
16,323
39,586
41,459
17.6
17.0
78.7
90.1
9.3
8.1
0.9
0.8
10.2
10.7
0.8
0.8
MOIL
Accumulate
242
261
4,071
941
1,019
47.3
48.3
25.8
28.1
9.4
8.6
1.5
1.3
16.7
16.2
2.0
1.6
Monnet Ispat
Buy
257
344
1,651
2,501
3,264
22.2
24.6
41.8
55.2
6.1
4.6
0.6
0.6
11.3
13.4
1.7
1.2
Nalco
Neutral
NMDC
Buy
SAIL
Neutral
Media
www.angelbroking.com
45
11,572
6,898
7,841
9.9
14.7
2.0
3.2
22.7
14.1
1.0
0.9
4.3
6.8
1.2
1.1
160
198
63,297
11,209
12,525
78.4
78.3
18.5
20.6
8.6
7.8
2.1
1.7
27.0
24.6
3.7
3.1
79
32,652
47,252
60,351
14.2
14.8
9.6
11.7
8.3
6.7
0.8
0.7
9.4
10.6
1.1
0.9
Market Outlook
November 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Neutral
179
15,522
4,551
6,640
32.8
34.4
33.7
39.3
5.3
4.6
0.9
0.8
18.3
18.3
4.1
2.8
Sterlite Inds
Neutral
105
35,320
43,185
45,442
23.3
23.7
16.8
17.9
6.3
5.9
0.7
0.6
11.6
11.2
0.8
0.7
Tata Steel
Buy
377
463
8.3
9.5
22.0
44.5
17.1
8.5
0.8
0.8
4.9
9.3
0.5
0.5
Sarda
Accumulate
138
153
495
1,442
1,494
17.6
17.3
27.2
28.7
5.1
4.8
0.6
0.5
11.5
11.0
0.7
0.7
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
45
73
611
2,694
2,906
14.6
16.6
16.4
20.8
2.8
2.2
0.3
0.2
11.4
12.8
0.4
0.3
Buy
117
143
372
2,342
2,470
13.7
15.3
27.7
33.8
4.2
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
329
382
62,805
17,567
17,643
76.2
72.3
61.1
56.8
5.4
5.8
1.1
0.9
22.0
17.5
2.7
2.3
GAIL
Neutral
344
43,686
46,652
54,142
15.7
15.7
34.0
35.3
10.1
9.8
1.8
1.5
18.5
16.8
0.7
0.5
ONGC
Buy
254
312
33.9
33.7
30.7
32.3
8.3
7.9
1.4
1.3
18.3
17.2
1.2
1.1
Reliance Industries
Neutral
797
7.9
8.0
60.0
63.3
13.3
12.6
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
300
3,845
3,128
3,707
13.2
11.7
22.8
23.5
13.2
12.7
4.0
3.5
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
262
3,665
3,213
3,643
23.3
23.5
24.3
25.7
10.8
10.2
2.5
2.1
25.0
22.1
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
159
183
11,951
30,077
33,570
6.6
6.3
15.1
15.3
10.5
10.4
2.7
2.2
28.4
23.1
0.4
0.4
72
4,071
1,079
1,034
91.8
91.9
8.8
8.4
8.3
8.6
1.4
1.2
17.9
15.0
3.5
3.6
Alembic Pharma
Buy
63
91
1,196
1,624
1,855
14.2
15.6
6.6
9.1
9.6
7.0
2.4
1.9
27.9
29.9
0.9
0.7
Aurobindo Pharma
Neutral
184
5,362
5,243
5,767
14.6
14.6
11.8
12.6
15.6
14.6
1.9
1.7
17.9
16.4
1.5
1.3
Aventis*
Neutral
2,309
5,318
1,482
1,682
15.5
15.5
95.1
104.4
24.3
22.1
4.3
3.4
18.6
17.0
3.4
2.9
Cadila Healthcare
Accumulate
825
926
16,892
6,148
7,386
18.6
19.6
32.7
44.8
25.2
18.4
5.5
4.4
23.7
26.6
3.1
2.5
Cipla
Neutral
405
32,530
8,151
9,130
25.0
24.0
19.5
20.9
20.8
19.4
3.6
3.1
18.8
17.2
3.8
3.3
Dr Reddy's
Neutral
1,809
30,707
10,696
11,662
20.7
21.0
83.7
92.9
21.6
19.5
4.4
3.7
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
116
145
932
1,280
1,536
20.2
20.2
10.4
14.5
11.1
8.0
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,052
17,380
2,651
2,993
31.7
31.2
76.0
82.4
27.0
24.9
7.8
7.0
20.1
26.3
5.8
5.0
Indoco Remedies
Buy
68
89
626
685
837
15.2
15.2
7.4
8.9
9.2
7.6
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Accumulate
453
485
5,718
2,850
3,474
21.0
21.0
29.9
37.3
15.2
12.2
3.6
2.9
26.7
26.4
2.2
1.8
Lupin
Accumulate
579
652
25,890
8,426
10,082
19.7
20.0
26.3
31.3
22.0
18.5
5.1
4.1
26.0
24.7
3.2
2.6
Ranbaxy*
Neutral
512
21,637
12,046
11,980
18.0
15.8
31.3
29.8
16.4
17.2
5.6
4.5
39.1
28.9
1.8
1.8
Sun Pharma
Neutral
708
73,237
9,752
12,134
41.6
41.6
26.0
28.2
27.2
25.1
5.1
4.4
20.3
18.8
6.8
5.3
CESC
Neutral
307
3,832
5,218
5,644
24.2
23.8
44.6
47.6
6.9
6.5
0.7
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
68
78
1,029
1,523
1,568
30.3
30.3
5.4
11.5
12.6
5.9
0.7
0.6
5.6
11.3
1.1
1.0
Neutral
Power
www.angelbroking.com
Market Outlook
November 30, 2012
Stock Watch
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
161
132,422
74,111
85,789
22.7
23.1
12.1
13.7
13.3
11.7
1.6
1.5
12.6
13.2
2.4
2.2
Power
NTPC
Neutral
Real Estate
Anant Raj
Sell
97
78
2,873
657
875
52.0
56.1
8.4
12.7
11.6
7.7
0.7
0.7
6.3
8.9
5.6
4.2
DLF
Neutral
209
35,433
9,878
12,033
44.7
46.1
9.6
13.4
21.8
15.6
1.4
1.3
6.4
8.7
6.1
5.0
HDIL
Neutral
113
4,722
2,441
3,344
55.1
48.2
22.7
26.6
5.0
4.2
0.4
0.4
8.8
9.4
3.8
2.8
MLIFE
Reduce
420
396
1,714
813
901
26.2
26.6
32.0
37.1
13.1
11.3
1.4
1.2
10.4
11.0
2.5
2.2
Bharti Airtel
Neutral
330
125,375
81,984
90,718
32.1
33.8
10.9
16.9
30.3
19.6
2.3
2.1
7.6
10.6
2.2
1.8
Idea Cellular
Neutral
99
32,931
22,234
24,161
26.9
27.7
3.3
4.9
30.1
20.2
2.3
2.1
7.7
10.3
1.9
1.7
Rcom
Neutral
70
14,345
21,090
22,308
31.8
29.9
3.0
3.8
22.9
18.3
0.4
0.4
1.7
2.1
2.3
2.1
Telecom
zOthers
Abbott India
Accumulate
1,468
1,590
3,118
1,629
1,886
11.8
13.3
60.8
79.5
24.2
18.5
5.0
4.1
22.0
24.4
1.7
1.4
Bajaj Electricals
Accumulate
206
217
2,052
3,497
3,968
6.6
7.6
9.8
15.5
21.0
13.3
2.7
2.3
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
405
513
427
528
15.7
14.6
30.0
34.0
13.5
11.9
3.0
2.4
24.6
22.5
1.3
1.1
Cravatex
Buy
417
545
108
272
308
7.2
7.3
37.5
45.4
11.1
9.2
2.6
2.1
23.7
22.7
0.5
0.4
CRISIL
Neutral
959
6,739
982
1,136
34.3
34.3
34.3
40.0
27.9
24.0
12.7
10.1
50.9
46.9
6.4
5.4
Finolex Cables
Accumulate
53
61
808
2,304
2,552
9.9
9.1
8.2
10.1
6.5
5.2
0.9
0.8
13.7
14.7
0.3
0.3
Force Motors
Accumulate
475
537
619
2,318
2,700
5.0
5.7
45.0
67.0
10.6
7.1
0.5
0.5
5.0
7.0
0.2
0.2
Goodyear India
Buy
312
360
719
1,494
1,607
6.4
7.8
23.9
33.0
13.0
9.5
2.1
1.8
16.5
20.1
0.3
0.2
Greenply Industries
Neutral
295
713
1,925
2,235
10.6
10.9
29.6
44.1
10.0
6.7
1.6
1.3
16.8
21.0
0.7
0.5
Hitachi
Buy
123
146
283
873
989
4.4
6.5
6.4
12.2
19.4
10.1
1.6
1.4
8.3
14.4
0.4
0.3
2,382
2,842
2,106
1,745
1,993
4.0
5.3
59.5
90.4
40.0
26.4
3.0
2.6
8.1
11.3
1.1
0.9
Accumulate
676
744
1,189
1,059
1,116
8.5
9.5
36.0
42.0
18.8
16.1
2.7
2.4
15.4
16.0
1.2
1.1
ITD Cementation
Neutral
253
291
1,323
1,455
12.4
12.4
23.2
27.7
10.9
9.1
0.7
0.7
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
174
2,800
1,228
1,443
9.0
10.9
3.9
6.4
44.7
27.2
4.4
4.1
10.1
15.6
2.8
2.3
MCX
Reduce
1,542
1,440
7,863
553
624
65.3
66.3
62.5
72.0
24.7
21.4
6.8
5.9
27.5
27.4
11.2
9.5
MRF
Buy
10,526
12,884
4,464
11,804
12,727
10.4
8.2
7.4
1.6
1.3
21.3
19.4
0.5
0.5
Page Industries
Accumulate
3,335
3,602
3,720
836
1,023
20.2
20.6
105.6
133.4
31.6
25.0
16.1
11.3
59.3
53.2
4.5
3.7
Relaxo Footwears
Buy
806
933
968
1,019
1,208
11.0
12.5
47.0
66.7
17.2
12.1
4.3
3.2
28.2
30.1
1.1
0.9
Sintex Industries
Buy
62
79
1,863
4,751
5,189
16.3
16.6
13.6
15.8
4.6
3.9
0.6
0.5
12.9
13.2
0.8
0.6
Buy
298
366
279
1,043
1,149
12.3
12.9
65.7
73.3
4.5
4.1
0.9
0.7
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
14
415
7,134
7,985
19.7
19.4
12.2
14.1
1.1
1.0
0.1
0.1
11.3
11.5
0.6
0.6
www.angelbroking.com
Market Outlook
November 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Neutral
43
2,068
5,720
6,599
5.3
6.8
3.6
5.4
11.8
8.0
17.1
5.4
0.5
0.4
TAJ GVK
Buy
72
108
451
300
319
35.8
36.2
7.9
9.1
9.1
7.9
1.2
1.1
13.9
14.4
1.8
1.6
Buy
307
384
472
750
803
18.6
18.4
65.4
69.1
4.7
4.4
0.7
0.6
16.5
15.3
0.2
0.1
TVS Srichakra
Buy
252
335
193
1,476
1,643
7.0
8.2
32.6
55.9
7.7
4.5
1.2
1.0
16.8
24.8
0.3
0.3
United Spirits
Neutral
2,041
26,695
10,289
11,421
12.8
12.8
26.0
45.3
78.5
45.1
3.6
3.3
5.8
7.6
3.0
2.7
Vesuvius India
Neutral
348
707
560
611
16.1
17.0
24.7
28.8
14.1
12.1
2.1
1.9
15.8
16.2
1.1
1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 29, 2012
www.angelbroking.com
Market Outlook
November 30, 2012
www.angelbroking.com