Moneycontrol
Dec 06, 2017 05:48 PM IST | Source: Moneycontrol.com

Hold Siemens; target of Rs 1400: Edelweiss

Edelweiss is bullish on Siemens has recommended hold rating on the stock with a target price of Rs 1400 in its research report dated November 28, 2017.

 
 
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Edelweiss's research report on Siemens

Key takeaways from Siemens’ annual analyst meet are: a) 26% jump in FY17 order inflow was driven by public spending (HVDC Pugalur order and Nagpur Metro), while private sector remained muted. Management expects FY18 to be no different; b) while digitalisation of power plants’ maintenance has been accepted in private sector (Vedanta & CLP), public sector is awaiting proof of concept before placing orders; and c) delays in large orders with only ~30% actually awarded versus management’s initial assessment.

Outlook

We trim FY18/19E EPS 3% each factoring in muted Q4 and maintain ‘HOLD’ with revised TP of INR1,400 (INR1,450 earlier).

For all recommendations report, click here

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