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Accumulate Bosch, target of Rs 3,416: Angel Broking
Angel Broking has maintained its accumulate rating on Bosch with a target price of Rs 3,416. For 1QCY2009, Bosch India reported 17.7% yoy decline in net sales to Rs 992 crore which was below expectation of Rs 1,069 crore.
Angel Broking has maintained its accumulate rating on Bosch with a target price of Rs 3,416 in its April 27, 2009 research report.
"For 1QCY2009, Bosch India reported 17.7% yoy decline in Net Sales to Rs 992 crore which was below our expectation of Rs 1,069 crore. This came on the back of the 21% yoy decline in the Auto Segment while Other businesses posted better 12.7% yoy growth. The company's Bottom-line, which dipped 69.5% yoy to Rs 49.4 crore (Rs 161.7crore), also came in below our expectation."
"We estimate Bosch to clock EPS of Rs 171.1 and Rs 189.8 in CY2009 and CY2010, respectively. We are however, downgrading the company's EPS by 12% for CY2009, owing to lower-than-anticipated performance at the Operating level in 1QCY2009. We maintain an Accumulate on the stock, with a revised target price of Rs 3,416 (Rs 3,493) at which level the stock would trade at a P/E of 18x CY2010E EPS," says Angel Broking's research report.
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To read the full report click on the attachment.........
