Buy Jindal Saw, target of Rs 1050: HDFC securities

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Buy Jindal Saw, target of Rs 1050: HDFC securities

HDFC securities has maintained its buy rating on Jindal Saw with a target price of Rs 1050. The stock currently trades at a P/E multiple of 8.5x CY08E and 6.2x CY09E, with cash per share of Rs 150 in its books, which can be used for any aggressive capex in the future.

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HDFC securities has maintained its buy rating on Jindal Saw with a target price of Rs 1050 in its June 24, 2008 research report. "The stock currently trades at a P/E multiple of 8.5x CY08E and 6.2x CY09E, with cash per share of Rs 150 in its books, which can be used for any aggressive capex in the future. We expect the stock to re-rate positively once its expanded capacities come on stream and start contributing to profits. Thus, with a target P/E of 10x on CY09E earnings, we maintain our 'BUY' recommendation and a price target of Rs 1050 (an upside of 83%)," says HDFC securities' research report.

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