Buy Emco, target of Rs 50: SKP Securities

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Buy Emco, target of Rs 50: SKP Securities

SKP Securities has recommended a buy rating on Emco with target of Rs 50. With expanded capacities in tower section and positive Government policies for power industry, the research firm expects the gross sales to grow at a CAGR of 19% over FY08-11.

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SKP Securities has recommended a buy rating on Emco with target of Rs 50 in its January 21, 2009 research report. "For the FY08, gross sales have gone up to Rs 10,392.3 million by registering a growth of 42% y-o-y basis. Transformers division, project division and meters division contributed 65%, 25% and 6% respectively. With expanded capacities in tower section and positive Government policies for power industry, we expect the gross sales to grow at a CAGR of 19% over FY08-11. We recommend a BUY rating on the stock with a target price of Rs 50 (an upside of 47%) in 12 months implying a P/E multiple of 4x of FY 10E earnings," says SKP Securities' research report.

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