Buy AIA Engineering; target of Rs 1723: Edelweiss
Edelweiss is bullish on AIA Engineering has recommended buy rating on the stock with a target price of Rs 1723 in its research report dated February 14, 2017.
Edelweiss' research report on AIA Engineering
Uptick in mining sector as commodity prices rise, and mere 10-12% penetration of high chrome grinding media will drive 20% volume growth (FY17-19E). We have assumed capacity utilisation of 71% in FY19E, entailing scope for further volume growth. At CMP, the stock trades at 20.6x FY19E EPS. We upgrade to ‘BUY’, based on 25x FY19E.
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