Feb 15, 2017 01:26 PM IST | Source:

Buy Balkrishna Industries; target of Rs 1441: KR Choksey

KR Choksey is bullish on Balkrishna Industries has recommended buy rating on the stock with a target price of Rs 1441 in its research report dated February 14, 2017.

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KR Choksey's research report on Balkrishna Industries

In Q3FY17, Balkrishna Industries Ltd (BKT) reported net sales of INR 8,968 Mn which (is in-line with our estimates of INR 8,848 Mn) increased by 26.07% Y-o-Y but declined 5.25% Q-o-Q basis. BKT’s volume grew by 22.43% Y-o-Y but declined 5.02% Q-o-Q on back of pick-up in demand from US market.


At CMP of INR 1190, the stock is trading at 19.67x FY17E EPS of INR 60.66, 13.64x FY18E EPS of INR 87.43 and 10.76x FY19E EPS of INR 110.87. We recommend “BUY” rating on the stock and value the stock at 13x FY19E EPS of INR 110.84 with a target price of INR 1441 indicating 21.1% upside from CMP.

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