Accumulate Siemens: Anagram

Anagram Research has recommended an accumulate rating on Siemens in its July 23, 2008 research report. "Siemens India (SIL) has announced capex of 100 million euro over next one year. SIL has made this move to bring all the facilities (design, technical assistance, R&D facility) closer to the market as per the needs of the consumer. According to the management major growth drivers are automation, Industrial solution and services business."
 
"SIL is banking on huge investment in Infrastructure sector especially in Power which is expected to increased traction till FY2012, both generation & transmission, Investment in manufacturing, metals etc. At CMP, stock trades at 22.95x FY08E, 15.2X FY09E, 12.5XFY10E earnings, with an EPS of Rs 21.7, Rs 32.8, Rs 39.9 respectively.  We recommend “Accumulate” rating on the stock," says Anagram's research report.

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