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ex

rket View

1

mpany Update 2

und the

nomy 3

wledge Corner 3

tual Fund 4

mmodity Corner 5

ex Corner 6

ort Card 7

rt Term Call Status 8

or & Contributor

rgi Shah

cial Contributors

esh Trivedi

tya Nahar

suggestions, feedback

queries

[email protected]

Market View:

Consolidation in market is expected

Last Saturday, we have discussed about the next trigger in the market is the corporate earnin

earning season has started and seems to have found the old edge. The business confidence has

to improve and the guidance is also relatively better. It true that the global problem has not s

meaningfully and the fear of hard landing is still looming. The Fed is also taking into account the

tain global situation and is clearly divided for raising the rates. Recently they kept the rate unc

with some hawkish comments but the chances of raising the rates in June clearly depend on the

consumer spending and unemployment claims and some experts do not see any rate hike dur

fiscal. Our market has declined from the psychological level of 8000 and closed near to its 20

The world market was expecting some more stimulus from The Bank of Japan which didn’t happthe currency market has started to behave violently and created high volatility in currency mar

equity too. The rise of Yen of almost 3% in a day pushed the corporate world over to unwind th

carry trade positions and run for the cover. So this volatility seems to be a temporary one for Indi

ket and any positive news from earnings front coupled with monsoon expectation may revive the

uptrend. There are certain important technical resistances towards the journey of 8100-8200

seem to be on track unless the important support of 7550-7600 is decisively broken.

K a m a l J h a v e r i

M D - J h a v e r i S e c u r i t i e s

1 -

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Company Basics

E Code 538268

E Symbol WONDERLA

UITY ( in Cr.) 56.50

T.CAP ( in Cr.) 2182.90

Financial Basics

FV ( ) 10.00

EPS ( ) (TTM) 10.41

P/E (x) (TTM) 37.11

P/BV (x) (TTM) 5.51

BETA 0.6705

RONW (%) 20.00

Share Holding Pattern

Holder's Name % Holdin

Foreign 12.38

Institutions 4.38

Promoters 70.99

Non. Promoters 0.00

Public & Others 9.01

Govt Holding 3.25

mpany Overview

nderla Holidays is one of the largest operators of amusement parks in India, which owns and operates two park

brand name “Wonderla”, situated at Kochi , Bangalore, Hyderabad. In FY16, it had a cumulative annual foot

mpany has also developed the Wonderla Resort in Bangalore, a Three Star leisure resort, next to its amusemen

mprising of 84 luxury rooms.

estment rational

onderla Hyderabad”- next feather in Wonderla ’s kitty

nderla', the third theme park from Wonderla Holidays in the country and the first in the State, is built in 50 acres

h an investment of Rs. 250 crore. It has 43 attractions, which include 25 land based and 18 water based rides. A

ping roller coaster imported from Netherlands, and space themed flying theatre that is yet to be opened, would

or attractions. Management plans to launch a fourth park in Chennai at a cost of Rs. 300 Cr. , that would be their

me based amusement park.

ong operating experience - a key requirement as Operator

L ’s management has rich operating experience in operating the park, which is the key requirement for successustry. The first park was opened in Kochi in 2000 and the next one in Bangalore in 2005. Thus, promoters have

rs of rich and successful experience in park operations. Amusement parks operate for 365 days from 11am-7p

hol-based beverages are not allowed inside.

ong competitive advantage- High entry barrier

elopment of large amusement parks typically require huge investment involving land acquisition, establis

astructure and rides, and regular investment in creation of new rides. Due to its highly capital intensive

eving the required footfall becomes highly critical, especially in newly developed parks, in order to break-even. ~

ex is required to established an amusement park .Companies existing parks of Wonderla at Bangalore and Kochi a

ing sufficient revenue and have witnessed steady growth in footfalls over the years.

uation : WONDERLA is trading at 381. We recommend “ Accumulate” with target price of 498 ,

k 30xFY18E EPS of 16.62.The stock current ly trades at 32.47x of FY16E, 27.93xof FY17E and 22.98x of FY

mpany Update : Wonderla Holidays Ltd.

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eekly Market Recap :

The Bank of Japan unexpectedly held off from expanding monetary stimulus on Wednesday, 27 April 2016. The Bapan (BOJ) voted to keep its current level of asset purchases unchanged and rates on hold while announcing a ¥3ion ($2.69 billion) lending program to support banks in the region hit by this month's Kyushu earthquake.

Meanwhile, the Federal Reserve left interest rates unchanged after the conclusion of a two-day monetary policy mon Wednesday, 27 April 2016. The Fed's signal that it was in no rush to raise rates relieved investors.

Bharti Airtel on Friday, 29 April 2016 said that it will undertake buyback of shares only after the approval fromHigh Court for the scheme of amalgamation of its wholly owned subsidiary with the company.

arket Eye Week ahead :

Among domestic macro economic data, Markit Economics will announce the India Manufacturing PMI for April Monday, 2 May 2016.The Nikkei India Services PMI will be declared on Wednesday, 4 May 2016.n the primary market, the initial public offer (IPO) of dairy firm Parag Milk Foods opens for bidding on Wedne

May 2016. The issue closes on Friday, 6 May 2016. The price band of the IPO is Rs 220 to Rs 227 per share.On the global front, On Monday, 2 May 2016, Markit Economics will announce the Nikkei Japan ManufacturinMarkit Eurozone Manufacturing PMI and the Markit US Manufacturing PMI. Markit Economics will announceChina General Manufacturing PMI on Tuesday, 3 May 2016. The influential monthly US nonfarm payroll data fo

016 will be released by the Labor Department on Friday, 6 May 2016.

Events / Factors to Watch

Mon : India manufacturing PMI, CCL products, HDFC, L&T finance earning

Tue: Adani ports, Adani power, BASF, Century textiles, Cera sanitary ware, MRF, Nitin spinners, TVS motongs

Wed: India Services PMI, SKS microfinance, Jindal steel, DHFL, Adani Enterprise, Hexaware technology earnin

Thu: Castrol, Eicher Motors, Emami, Gillette India, GE shipping, Godrej Properties, Hero MotoCorp, P&G earn

Fri: Siemens , Wockhardt, Eveready Industries, Inox wind, Pfizer, Reliance Capital , SPARC, Titan Company ea

Arbi trage Pricing Theory (APT)

Arbitrage pricing theory (APT) is a well-known method of estimating the price of an asset. The theory assumes an asset's ependent on various macroeconomic, market and security-specific factors.

The APT was a revolutionary model as it helps the user decide whether a security is undervalued or overvalued and so an ian profit from the information. APT is also very useful for building portfolios because it allows managers to test whether the

os are exposed to certain factors.

round The World

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owledge Corner :

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utual Fund Corner

4-

Source : - www.valueresearchonlin

nd Name

heme Name Kotak Emerging Equity Scheme Regular Plan

C Kotak Mahindra Asset Management Company Ltd

pe Small Cap

egory Open-ended and Equity

nch Date March 2007

nd Manager Pankaj Tibrewal

Assetsn crore )

Rs. 817.5 crore as on Mar 31, 2016

Top 10 Sector Break-Ups

Sector Weights Fund

Financial 17

Engineering 13

Cons Durable 10

Chemicals 9.

Services 9.

Construction 6.

Healthcare 6.

Textiles 4.

Technology 4.

Metals 3.

Composition (%)

Equity 95

Debt 4.

Cash 0.

Risk Analysis

Volatility Measures

Standard Deviation 19

Sharpe Ratio 1

Beta 1

R-Squared 0 Alpha 15

tory 2013 2014 2015 2016

(Rs) 13.14 24.61 26.68 26.41

l Return (%) -5.07 87.32 8.42 -1.02

Nifty 50 -11.83 55.93 12.48 0.20

S&P BSE Mid Small -0.42 32.95 0.38 3.12

k (Fund/Category) 29/32 17/50 25/41 8/36

eek High (Rs) 14.22 24.61 27.86 -

Week Low (Rs) 9.78 12.31 24.35 -

Assets (Rs.Cr) 69.33 274.15 792.54 776.16

ense Ratio (%) 2.79 2.89 2.71 -

Fund StyleInvestment StyleGrowth Blend Value

Large

Medi

Sma

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nd Performance v/s S&P CNX Nifty

FundCNX Nify

based to 10,000)

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mmodity Corner

5-

DAMENTAL: Bullion prices last week rallied where gold prices surged to the largest weekly gain of the past 11 weeks and silver gained toince January last year as the Bank of Japan's decision the previous day to hold off expanding monetary stimulus weighed on stock marketsr and on the heels of the Fed doing nothing. The FOMC closed out their 2 day meeting this past Wednesday by keeping the target intedy. The Fed tried to keep market participants thinking about future rate hikes only to be brushed aside for now. Fed Funds futures are priprobability of a rate hike in June and a 44% probability of a rate hike by September. These figures are markedly lower following the FOMC

past week. The People's Bank of China (PBOC) jolted markets by fixing the yuan 0.56% higher against the dollar, its strongest one-day mo5 when it decoupled with the dollar. The move came in the wake of two closely-watched central bank meetings earlier this week when theerve and the Bank of Japan both stood pat by leaving their benchmark interest rates unchanged. The U.S. central bank showed little sign it y to tighten monetary policy. The Commerce Department said its Personal Consumption Expenditures (PCE) Price Index in March rose by nnual basis, down slightly from February's annual gains of 1.0%. The Core PCE Index, meanwhile, increased by 1.6%, also lower compa

previous month's level of 1.7%. Core PCE inflation, which strips out volatile food and energy prices, is the Fed's preferred gauge for inflatior then hit session-lows after the University of Michigan said consumer sentiment in April fell 0.7 to 89.0, dropping to a seven-month low. T

the door open to a hike in June, but showed little sign it was in a hurry to tighten monetary policy. U.S. data supported views the Fed wous stance in hiking rates this year. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, fellth low on Friday of 71.8, down from 81.3 at the start of the month.

OMMENDATION : BUY GOLD JUNE @ 29900 SL 29600 TGT 30500-31000. BUY SILVER JULY @ 41850 SL 41200 TGT42500-43500

DAMENTAL : Base metals prices ended with gains last week where most of the gains came on Friday underpinned by a weaker dollar anns of economic recovery in the world's top consumer China. Prices remained supported ahead of new economic data in China that investoconfirm that a recovery is gaining strength. China's central bank will improve the country's financial supervisory framework and further opecial market to foreign firms during the 13th Five-Year Plan, vice governor Chen Yulu was quoted as saying in a central bank notice. Thewill increase the efficiency of financial services to the real economy in order to support China's economic transition, and will fend off financ

n said in the notice posted on the People's Bank of China website. Chinese exchanges stepped up efforts to cool speculation in some comnvestors awaited a Federal Reserve policy decision. Bourses in China, the world’s biggest metals consumer, announced further measureulation in contracts ranging from steel to iron ore and coking coal, including higher fees and a reduction in night hours. The moves add to

ges this month that have made it more expensive for investors to trade. Clues to Chinese demand will come next week with the release ofrchasing managers in the country's manufacturing sector. The metal, widely used in power and construction, jumped to $5,091 a tonne laghest in more than four weeks, on optimism about Chinese consumption after a slew of above consensus data on new loans, industrial prostment and housing. According to ILZSG forecasts, global demand for refined zinc metal will witness a growth of 3.5% to 14.33 million t6. The rising infrastructure investments in China will be the main driver for the global demand growth. The Chinese demand alone is pre

at 4.5% during the year. The usage in Europe is expected to remain stable after rising by 3.2% during 2015. The International Nickel StudG) has projected a 49,000-tonne deficit in the nickel market in 2016, an increase from its October forecast of a 23,000-tonne deficit for th

es remained supported ahead of new economic data in China that investors hope will confirm that a recovery is gaining strength.OMMENDATION : BUY COPPER JUNE @ 332 SL 324 TGT 340-356. BUY ZINC MAY @ 126 SL 122 TGT 132-136. BUY NICKEL MAY90 TGT 656-670. BUY ALUMINIUM MAY @ 109.50 SL 106 TGT 112.50-114.BUY LEAD MAY @ 117 SL 114 TGT 121-125

DAMENTAL : Crude oil prices gained by more than three percent after U.S. crude output dropped and Federal Reserve policy makers re open to raising interest rates in June. However prices after rising to 2016 highs pared gains on Friday after a survey showed that OPECn April reached near-record highs, reiterating concerns related to the massive supply glut on global energy markets. A survey found thaased production by 170,000 barrels per day from 32.47 million to 32.64 million bpd, according to shipping data and oil company sources. y matched January's level of 32.65 million, following the return of Indonesia to the 13-member oil cartel. In April, significant gains from Iran

e than offset a lack of production in Kuwait which was restrained by a three-day worker strike last week. Investors shrugged off a bullish reper Hughes after the oil services firm reported that U.S. oil rigs last week dropped by 11 to 332 last week to hit a fresh six-year low. The rig ced lower in each of the last six weeks. Major reductions among U.S. oil rigs typically provide lagging indication that domestic production is off. Additionally, Saudi output is expected to edge up by 350,000 barrels to around 10.5 million barrels per day, sources told, just as tankunsold oil are at sea seeking buyers. Still, falling production outside OPEC, notably in the United States, has raised hopes that the worsy two-year excess of oil was over. Natural gas prices ended with around six percent losses as heavy supplies and forecasts for fading he

ern and central U.S. continue to weigh on the market. An explosion and fire on a major Spectra Energy Corp. pipeline that crosses half thepting natural gas shipments from western Pennsylvania to the Northeast. Crews shut off the gas feeding the flames, which burst out of Sch Texas Eastern pipeline a spokesman said. While repairs will start as soon as possible, it’s unclear when service will be restored, sourcled to support prices on speculation that the outage will limit supplies to the Northeast. Stockpiles stand 48% above the five-year averagof year. But traders are also watching signs that production is declining and set to fall further as companies cut spending on new drilling.

OMMENDATION : BUY CRUDE OIL MAY @ 2950 SL 2850 TGT 3050-3180. BUY NAT GAS MAY @ 136 SL 130 TGT 145-154.

BULLION

BASE METALS

ENERGY

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mmodity Corner

USD/INR

6-

rex Corner

EUR/INR

GBP/INR

JPY/INR

rket Eye Week ahead :

USDINR ended below the primary trend line for the third consecutive week. The Average Directional movinADX) is below 20 on both daily and weekly charts indicating range bound movement for pair. A daily close below

will take the parity down around key supports at 66.10/65.95/65.81 marks respectively. On the other side, key resevels are seen at 66.48/66.72/ 66.86/ 66.95/ 67.15 levels.

Level S2 S1 CP R1 R2 High Low Cl

SD/INR 66.24 66.46 66.68 66.90 67.12 66.91 66.47 66


PY/INR 58.85 60.51 61.46 63.12 64.07 62.40 59.79 62


BP/INR 95.24 96.33 97.14 98.23 99.04 97.95 96.05 97


UR/INR 74.40 75.19 75.71 76.50 77.02 76.24 74.93 75

rket Recap :

The Indian rupee weakened slightly in early hourson Monday, 02 May 2016 on increased demand forhe American currency from importers and banks.

The domestic currency opened at Rs 66.41 againsthe dollar but recovered to a high of 66.31 so faruring the day.

n the spot currency market, the Indian unit was lasteen trading at 66.37.

Meanwhile, the U.S. dollar index, which measureshe greenback's strength against a trade-weighted

basket of six major currencies, was down 0.13% to92.90.

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Nifty last week opened at 7894.75, made high of 7992, fell to low of 7788 and finally closed the week at 7849.80 thereby showall of 49 points. If a minor correction or retracement of the rise from 7516 to 7978 is witnessed then traders look for retracemef the rise for accumulation. Retracement levels are placed 7800-7747-7695. Accumulate at retracement levels with a positio

oss of 7500. In the event of a breakout and close above 7992 expect the rally to be witnessed towards the next supply 217-8336. In the event of a fall and close below 7500, the slide can be seen towards 7231 and 6768.

Macroeconomic data, next batch of Q4 results of India Inc., trend in global markets, investment by foreign portfolio investornd domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictaterend in the near term.

7-

treet Recommendations Report Card

Top Fundamental Stocks

Stocks Rec. Date CMP on Rec. CMP Target AbsoluteReturn @

CMPSta

na Auto 22/02/2016 133 143 181 7% B

Educare 1/2/2016 164 169 230 3% B

ware-Wall Ropes 28/12/2015 425 354 550 -17% B

spun syntax 23/11/2015 121 106 223 -13% B

co Pharma 2/11/2015 509 476 636 -6% B

F 21/09/2015 1140 1357 1374 19% B

uwalia contracts 24/08/2015 235 279 368 19% B

nite Computer Sol. 20/07/2015 190 220 255 16% B

bika Cotton Mil ls 18/05/2015 880 850 1149 -3% B

bhav Engineering 4/5/2015 298 260 430 -13% B

kar specialitymicals

16/03/2015 152 181 251 19% B

FL 16/02/2015 252 204 368 -19% Accum

Today Network 27/01/2015 222 313 337 41% B

M 12/1/2015 1238 1336 1452 8% B

ells India 27/10/2014 274 335 346 22% B

C India Fin. Ser. 7/7/2014 39 38 45 -2% B

ni Port 5/7/2014 280 234 347 -17% Accum

d-Tek Packaging 04/04/2016 138 149 179 8% B

nderla Holidays 25/04/2016 387 381 498 -1% Accum

s not important whether you are right or wrong, It’s about how much money you make when you're right and h

ch you

lose

when

you're

wrong.”

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treet Short Term Call Status

292May,2016

DATE STOCK BUY/SELL

RANGE RANGE TRIGGER PRICE

TGT SL STATUS RE

9‐Mar‐16 BANKBARODA SELL 140 144 142.00 137.00 148 TA

10‐Mar‐16 RELCAPITAL BUY 374 382 378.00 390.00 360 SL

11‐Mar‐16 AXISBANK SELL 411 418 414.50 404.00 430 SL

14‐Mar‐16 HINDUNILVR BUY 845 858 851.50 875.00 825 TA

15‐Mar‐16 TATAMOTOR BUY 362 368 365.00 376.00 348 TA

16‐Mar‐16 HDFC SELL 1106 1128 1117.00 1080.00 1150 SL

17‐Mar‐16 ICICIBANK BUY 223 233 228.00 240.00 210 TA

18‐Mar‐16 INDUSINDBK SELL 900 920 910.00 880.00 942 SL

21‐Mar‐16 VOLTAS BUY 265 270 267.50 276.00 256 TA

22‐Mar‐16 INDIACEM BUY 83 86 84.50 88.00 80 TA

23‐Mar

‐16

BHEL

BUY

115

118

116.50

120.00

112

SL

28‐Mar‐16 TATASTEEL BUY 314 320 317.00 328.00 304 TA

29‐Mar‐16 AXISBANK SELL 421 428 424.50 411.00 440 SL

30‐Mar‐16 CIPLA SELL 500 510 505.00 490.00 520 SL

31‐Mar‐16 BAJAJFINANCE BUY 6750 6860 6805.00 7120.00 6600 TA

4‐Apr‐16 HEROMO‐

TOCO BUY 2930 2990 2960.00 3140.00 2850 TA

5‐Apr

‐16

ORIENTAL‐

BANK SELL 94 97 95.50 90.00 100 TA

6‐Apr‐16 SBIN SELL 182 186 184.00 174.00 191 SL

7‐Apr‐16 UNIONBANK SELL 126 129 127.50 120.00 133 SL

8‐Apr‐16 LT SELL 1176 1198 1187.00 1132.00 1230 SL

11‐Apr‐16 TCS SELL 2415 2463 2439.00 2375.00 2520 SL

12‐Apr‐16 MOTHERSUMI BUY 250 255 252.50 260.00 244 TA

13‐Apr‐16 ASHOKLEY BUY 110 113 111.50 115.00 107 SL

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treet Short Term Call Status

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DATE STOCK BUY/SELL

RANGE TRIGGER PRICE

TGT SL STATUS CMP RE

18‐Apr‐16 DHFL BUY 200 205 202.50 210.00 194 TA

20‐Apr‐16 SRTTRANSFIN BUY 990 1010 1035.00 1055.00 960 SL

21‐Apr‐16 HINDUNILVR BUY 894 914 904.00 935.00 860 SL

22‐Apr‐16 ICICIBANK BUY 251 255 253.00 261.00 243 SL

25‐Apr

‐16

ASHOKLEY

BUY

103

106

104.50

111.00

100

OPEN

26‐Apr‐16 CEATLTD BUY 1130 1150 1035.00 1195.00 1100 OPEN

27‐Apr‐16 YESBANK BUY 902 922 912.00 960.00 875 OPEN

28‐Apr‐16 RCOM BUY 59 61 60.00 66.00 56 OPEN

STAUTS

CALLS

RATIO

TA+PB 16 51.61

SL+EXIT 15 48.38

TOTAL 31 100

One call on daily basis is given keeping view of short term trading on closing basis.Time frame and expected % of return is also mentioned with the suggested call.

This call are purely given on technical trading system generated by the Technical Research Desk.Generally Expected Return on investment is 5-6 % with time horizon of 6-7 days.Profit Booking update is considered if on an average expected return exceed 3.50-4.00 % against Expected return of 5-6%Risk- Reward ratio percentage wise depends on the volatility of stock Normally it stands ( 3 : 9)

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Documents

J Street Vol 292