Edelweiss is bullish on JK Cement has recommended buy rating on the stock with a target price of Rs 1175 in its research report dated May 16, 2017.
Edelweiss' research report on JK Cement
JKCE posted gross revenue of INR12bn, up 9% YoY and 15% QoQ. North remained major top‐line driver with grey cement realisation jumping 18% YoY, partially offset by weak pricing in South. Blended realisation rose 9% YoY.
Given the early cement price trend, we believe JKCE will be able to sustain this EBITDA/t level in upcoming quarters as well. Ergo, we revise up FY18E and FY19E EPS 2% and 5%, respectively. Maintain ’BUY’ with target price of INR 1,175, implying 10.5x FY19E EBITDA.
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