IDFC
CMP: Rs 124.50
Recommendation: Buy
Target Price: Rs 155
Prabhudas Lilladher has reiterated it's out performer rating on IDFC with a priced target of Rs 155 based on a sum-of-the-parts valuation. "IDFC is emerging as one of the key beneficiaries of the infrastructure financing opportunity in the country with exposure to some of the high-growth sectors such as energy, transportation, telecom and IT," the Prabhudas Lilladher note to clients said.
"Along with robust growth in lending business, the asset management business currently manages a corpus of $650 million and is expected to grow four times over FY07-09E to $3 billion post the deal with Citigroup, Blackstone and IIFC. IDFC recently raised Rs 21 billion (Rs 2,100 crore) through a QIP, reducing the leverage to a comfortable level of 2.95 times, leading to an increase in lending capability to a single borrower as well lot of room for expansion going ahead," the note added.
Redington (India)
CMP: Rs 281.15
Recommendation: Buy
Enam Securities has initiated coverage on supply chain management and IT distribution player Redington (India) (REDIL) with a sector out performer rating. "With a pan-India presence including 12,000+ channel partners, superior logistics capabilities, a sound credit management system and a scalable business architecture, REDIL is well set to capitalise on the high-growth Indian market, which has low PC penetration of less than 2%," the Enam note to clients said.
"REDIL has a strong presence in the Gulf, which is a goldmine for this industry, with approximately 2 million PC shipments low tax rates and an expected 14% CAGR in IT spends. Additionally, the withdrawal of Tech Data from the Middle East will enable Redington to gain market share especially in the PC enterprise systems segment, certain branded offerings and in high-margin value products," the note added.
Polyplex CorP
CMP: Rs 162.90
Recommendation: Buy
First Global has initiated coverage on polyethylene terephthalate (PET) films manufacturer Polyplex with an outperform rating. "Polyplex currently trades at three times its FY08 (estimated) EPS, which is much lower than its global peers. The valuation appear dirt cheap for a company that is the fifth-largest in the world, has been around for a couple of decades, and is looking at massive capacity expansion," the First Global note to clients said.
"Add to this the fact that at its current market price of around Rs 175, Polyplex trades at a steep discount to its 70% subsidiary, Polyplex Thailand, which contributes around 75% of its total volumes sold. At Polyplex Thailand's current market cap of $134 million on the Thailand Stock Exchange, the per share value of Polyplex's 70% stake comes to around Rs 260 per share," the note added.
Prajay
cmp: Rs 269.45
Recommendation: Buy
Batlivala & Karani Securities has initiated coverage on Prajay Engineering Syndicate with a buy recommendation and a net present value-based target of Rs 414. "Currently, the company has a land bank of around 825 acres of which 80% is located in Hyderabad and remaining in Vizag, Vijayawada and Goa.
The company plans to develop 31 projects including residential commercial, retail and hospitality projects, aggregating to around 37.57 million sq ft over the next five years," the B&K note to clients said. "We expect PESL to report 115% revenue CAGR (compounded annual growth rate) and 91% bottomline CAGR over FY07-09 on the back of increased volumes and higher margins," the note added.
CMP: Rs 124.50
Recommendation: Buy
Target Price: Rs 155
Prabhudas Lilladher has reiterated it's out performer rating on IDFC with a priced target of Rs 155 based on a sum-of-the-parts valuation. "IDFC is emerging as one of the key beneficiaries of the infrastructure financing opportunity in the country with exposure to some of the high-growth sectors such as energy, transportation, telecom and IT," the Prabhudas Lilladher note to clients said.
"Along with robust growth in lending business, the asset management business currently manages a corpus of $650 million and is expected to grow four times over FY07-09E to $3 billion post the deal with Citigroup, Blackstone and IIFC. IDFC recently raised Rs 21 billion (Rs 2,100 crore) through a QIP, reducing the leverage to a comfortable level of 2.95 times, leading to an increase in lending capability to a single borrower as well lot of room for expansion going ahead," the note added.
Redington (India)
CMP: Rs 281.15
Recommendation: Buy
Enam Securities has initiated coverage on supply chain management and IT distribution player Redington (India) (REDIL) with a sector out performer rating. "With a pan-India presence including 12,000+ channel partners, superior logistics capabilities, a sound credit management system and a scalable business architecture, REDIL is well set to capitalise on the high-growth Indian market, which has low PC penetration of less than 2%," the Enam note to clients said.
"REDIL has a strong presence in the Gulf, which is a goldmine for this industry, with approximately 2 million PC shipments low tax rates and an expected 14% CAGR in IT spends. Additionally, the withdrawal of Tech Data from the Middle East will enable Redington to gain market share especially in the PC enterprise systems segment, certain branded offerings and in high-margin value products," the note added.
Polyplex CorP
CMP: Rs 162.90
Recommendation: Buy
First Global has initiated coverage on polyethylene terephthalate (PET) films manufacturer Polyplex with an outperform rating. "Polyplex currently trades at three times its FY08 (estimated) EPS, which is much lower than its global peers. The valuation appear dirt cheap for a company that is the fifth-largest in the world, has been around for a couple of decades, and is looking at massive capacity expansion," the First Global note to clients said.
"Add to this the fact that at its current market price of around Rs 175, Polyplex trades at a steep discount to its 70% subsidiary, Polyplex Thailand, which contributes around 75% of its total volumes sold. At Polyplex Thailand's current market cap of $134 million on the Thailand Stock Exchange, the per share value of Polyplex's 70% stake comes to around Rs 260 per share," the note added.
Prajay
cmp: Rs 269.45
Recommendation: Buy
Batlivala & Karani Securities has initiated coverage on Prajay Engineering Syndicate with a buy recommendation and a net present value-based target of Rs 414. "Currently, the company has a land bank of around 825 acres of which 80% is located in Hyderabad and remaining in Vizag, Vijayawada and Goa.
The company plans to develop 31 projects including residential commercial, retail and hospitality projects, aggregating to around 37.57 million sq ft over the next five years," the B&K note to clients said. "We expect PESL to report 115% revenue CAGR (compounded annual growth rate) and 91% bottomline CAGR over FY07-09 on the back of increased volumes and higher margins," the note added.
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