Buy KS Oil, tgt Rs 63:Angel Broking

Angel Broking has maintained buy rating on KS Oils with target price of Rs 63 in its July 08, 2008 report. "K S Oils (KSO), a leading player in the Indian Edible Oil industry, has been improving its Profitability owing to its increasing focus on the Branded business. Contribution from Branded sales increased to 60% in FY2008 from 48% in FY2005. Going ahead, we expect KSO to leverage its strengths in Distribution network to complement its thrust on the Branded segment. At the CMP of Rs 49, the stock is trading at 9.4x FY2009E and 6.3x FY2010E Earnings. We upgrade the stock from Neutral to Buy, with a 12-month Target Price of Rs 63, on account of the introduction of FY2010 estimates" says Angel Broking report.

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