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Buy MIC Electronics, target of Rs 42: LKP Shares
LKP Shares has recommended its buy rating on MIC Electronics with a price target of Rs 42. The research firm does not expect MICE to show top-line growth this fiscal, and do believe that that a healthy EBIDTA of 33% would enable the company to post a PAT of Rs 750 million (H1 witnessed a PAT of Rs 400 million).
LKP Shares has recommended its buy rating on MIC Electronics with a price target of Rs 42 in its April 10, 2009 research report.
"With a clear vision to emerge among the top five global players in true colour LED display business over a five year period we believe MICE which now has more than 75% revenues coming from the Media segment has been able to withstand a turbulent 2008 and we expect the company to bounce back from FY'09-10 onwards and return to the growth phase."
"Although we do not expect MICE to show top-line growth this fiscal, we do believe that that a healthy EBIDTA of 33% would enable the company to post a PAT of Rs 750 million (H1 witnessed a PAT of Rs 400 million). We believe that a 15% price correction in the stock should be used as a buying opportunity. We recommend a BUY on MICE trading at 3.5xFY'09E earnings with a one-year price target of Rs 42," says LKP Shares' research report.
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To read the full report click on the attachment......
