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Buy BEML, target of Rs 1303: Asit C. Mehta
Asit C. Mehta has recommended a buy rating on BEML with a target price of Rs 1303. Considering BEML’s leading position in domestic CME space, capacity addition plan in metro coach segment and order book position at the end of FY08, research firm's expects BEML’s revenues to grow at a CAGR of 18% over the period of FY08 to FY10E.
Asit C. Mehta has recommended a buy rating on BEML with a target price of Rs 1303 in its May 28, 2008 research report. "Considering BEML's leading position in domestic CME space, capacity addition plan in metro coach segment and order book position at the end of FY08, we expect BEML's revenues to grow at a CAGR of 18% over the period of FY08 to FY10E. Over the same period, we expect BEML's net profits to grow at a CAGR of 14% after considering increase in wage bill (6th pay commission recommendation) and rise in raw-material prices. We recommend BUY rating on the stock with a target price of Rs 1303 based on 18x FY10E EPS of Rs 72.4," says Asit C. Mehta's research report.
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