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Buy Mangalam Cement, target of Rs 223: PINC
PINC Research has maintained its buy rating on Mangalam Cement with a 12-month price target of Rs 223. Mangalam Cement Ltd's (MCL) sales grew 10% to Rs 5.1 billion in FY08, (rebased sales for FY07 owing to change in financial year).
PINC Research has maintained its buy rating on Mangalam Cement with a 12-month price target of Rs 223 in its May 15, 2008 research report. "Mangalam Cement Ltd's (MCL) sales grew 10% to Rs 5.1 billion in FY08, (rebased sales for FY07 owing to change in financial year). OPM firmed up by 2% resulting in operating profits improving 18.3% to Rs 1.5 billion. This improvement was despite a rise in freight and coal cost as MCL benefited from commissioning of its 17MW captive power plant in Oct'07."
"At the CMP of Rs 123, MCL trades at a P/E of 2.8x, EV/EBIDT of 1.9x and EV/mt of USD 43 discounting FY09E earnings. The buoyant prospects for the industry in north due to Commonwealth Games, stable realizations, potential to improve operating efficiencies and attractive valuations compared to peers, we maintain our 'BUY' recommendation with a 12-month price target of Rs 223," says PINC's research report.
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