Buy Aegis Logistics, target of Rs 277: Karvy

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Buy Aegis Logistics, target of Rs 277: Karvy

Karvy Stock Broking has maintained its buy rating on Aegis Logistics with a target price of Rs 277. For Q1FY09, Aegis Logistics reported revenue growth of 49% YoY to Rs 1.15 billion.

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Karvy Stock Broking has maintained its buy rating on Aegis Logistics with a target price of Rs 277 in its August 13, 2008 research report. "For Q1FY09, Aegis Logistics reported revenue growth of 49% YoY to Rs 1.15 billion, 4% lower than our estimates of Rs 1.2 billion. The revenue from gas division grew by 50% YoY to Rs 968.9 million, while liquid terminal division reported revenue growth of 50% YoY to Rs 182.3 million."

"We expect net profit to increase by CAGR of 10% to Rs 459.8 million in FY10. At a current price of Rs 1180, the stock is trading at 8.8x FY09 and 7.8xFY10 earnings and EV/EBIDTA it is trading at 6xFY09 and 5.3x FY10. We maintain our valuation at 12xFY10 earnings with target price of Rs 277 and maintain BUY," says Karvy's research report.

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