Buy KEC International, target of Rs 600: Hem

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Buy KEC International, target of Rs 600: Hem

Hem Securities has recommended a buy rating on KEC International with a target price of Rs 600. The strong order book of the company, robust financial performance and future earnings visibility in the burgeoning power sector makes the stock quite lucrative.

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Hem Securities has recommended a buy rating on KEC International with a target price of Rs 600 in its June 2, 2008 research report. "The strong order book of the company, robust financial performance and future earnings visibility in the burgeoning power sector makes the stock quite lucrative. The company is well positioned to build on its strong foundation and leverage both domestic as well as global market opportunities across the infrastructure value chain. With immense opportunities in the power transmission sector, the company is hopeful of diversifying its operations through rural electrification and power distribution programs."

"The company's top line and bottom line has grown with a CAGR of 31.76% and 58.76% over a period of last 3 years. Merger of NITEL and RPG transmissions with the company has brought in extensive opportunities which will enhance the order book level of the company by 20- 25% in the current fiscal. Presently, the stock is trading at Rs 497 which is at 5.05 times to its book value and 14.24 times to its earnings of Rs 34.89. We initiate a 'BUY' signal on the stock with a target price of Rs 600 in medium to long term investment horizon, expecting appreciation of about 20%," says Hem's research report.

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