Buy HBL Power Systems, tgt Rs 434: SKP Securities

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Buy HBL Power Systems, tgt Rs 434: SKP Securities

SKP Securities has initiated a buy rating on HBL Power Systems with a 15 months target price of Rs 434.

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SKP Securities has initiated a buy rating on HBL Power Systems with a 15 months target price of Rs 434 in its August 21, 2008 research report. "At the current level of Rs 305 , HBL is trading at the P/E of 7.79x, 5.62x and 4.22x of FY09E, FY10E and FY11E earnings of Rs 39, Rs 54 and Rs 72 respectively. We initiate buy coverage on HBL with 15 months price target of Rs 434 ( 42% upside) which discounts FY10E earnings by 8x," says SKP Securities' research report.

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