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Buy Lloyd Electric, target of Rs 61: Angel
Angel Broking has maintained its buy rating on Lloyd Electric and Engineering with a target of Rs 61. The 2QFY2009 Net Profits of the company have declined by 77.1% to Rs 3.2 crore (Rs 14.1 crore).
Angel Broking has maintained its buy rating on Lloyd Electric and Engineering with a target of Rs 61 in its November 3, 2008 research report. "The top-line of Lloyd Electric (Lloyd) declined by 17.3% yoy to Rs 121.9 crore (Rs 147.3 crore) in 2QFY2009. The 2QFY2009 Net Profits of the company have declined by 77.1% to Rs 3.2 crore (Rs 14.1 crore)."
"Further during 2008, the company has acquired a plant in Czech from Luvata which would give Lloyd a foothold in Europe and add to its Top-line and Bottom line. The company has registered a Top-line and Bottom-line de-growth during 2QFY2009, primarily due to tight liquidity scenario and a slowdown in the white goods segment, accounting for which we are downgrading our Top-Line and Bottom-Line estimates for FY2009-10. At CMP the stock trades at 3.1x its FY2010E EPS. We are bullish on the company due to its excellent positioning in the AC market in India thus we maintain a BUY with a Revised Target Price of Rs 61 (Rs 112)," says Angel Broking's research report.
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To read the full report click on the attachment.....
