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Buy Maruti Suzuki, target of Rs 1,650: Motilal Oswal
Motilal Oswal has come out with a research report on Maruti Suzuki. The research firm has maintained buy with a target price of Rs 1,650, in its report dated November 13, 2009.
Motilal Oswal has come out with a research report on Maruti Suzuki . The research firm has maintained buy with a target price of Rs 1,650, in its report dated November 13, 2009.
"Robust volume outlook would drive stock performance in the medium term. With macro environment improving, there are catalysts in form of improving product mix, lower RM cost and higher operating leverage which would drive profitability and earnings growth for the company. The stock is valued at 17.3x FY11E EPS and 12.6x FY11E CEPS. Adverse forex movement and pick-up in non-Euro exports are key risks to our estimates. Maintain buy with target price of Rs 1,650 (14x FY11E CEPS). Given conservative accounting policy of providing aggressive depreciation, we value Maruti on Cash EPS basis", says Motilal Oswal.
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To read the full report click on the attachment.........
