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Buy Finolex; target of Rs 81: JRG Securities
JRG Securities is bullish on Finolex Cables and has recommended buy rating on the stock with a target of Rs 81, in its August 18, 2010 research report.
JRG Securities is bullish on Finolex Cables and has recommended buy rating on the stock with a target of Rs 81, in its August 18, 2010 research report.
"Finolex Cables in April, 10 recently the company came out with its Q1, FY 11. Results wherein it posted stellar growth on the top-line front; however the bottom-line was inflicted by higher operating expenses. Finolex surprised on the top-line basis; although the margins were imputed due to higher operating expenses. We have a positive outlook on Finolex considering its strong brand presence, range of products across Power and Communication cables segment, improving demand in the Real Estate and Construction sector and moreover the Large scale investment in the Power sector in India. We recommended Finolex in April at Rs 58 for a target of Rs 81. At the trailing market price of Rs 60, the stock is trading at 7.4X its FY 12E EPS of Rs 8.2. We maintain our "Buy" rating on the stock with the target of Rs 81 in twelve months," says JRG Securities research report.
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