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Buy Country Club India, tgt Rs 1050: Prabhudas Lilladher
Prabhudas Lilladher has maintained buy rating on Country Club India with target price of Rs 1050. At the CMP of Rs 390, the stock trades at 6.5x FY09E and 3.9x FY10E earnings.
Prabhudas Lilladher has maintained buy rating on Country Club India with target price of Rs 1050 in its July 17, 2008 report. "Country Club India (CCIL) reported strong Q1FY09 results, which were better than our expectation. Revenue for the quarter grew by 87.1% YoY to Rs 1,031 million against our expectation of Rs 877 millio. PAT grew by 47.2% YoY to Rs 193 millio against our expectation of Rs 152 millio. As expected, operating margin reported a declined of 453bps YoY to 33.2%, because of high advertisement spends carried out by the company in order to provide visibility to its acquisition. At the CMP of Rs 390, the stock trades at 6.5x FY09E and 3.9x FY10E earnings. We believe that CCIL should trade at a premium to the current valuations, given its strong revenue and profit growth. We maintain BUY rating on the stock with a target price of Rs 1,050 (10x FY10E)" according to Prabhudas Lilladher report.
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