Buy Procter and Gamble, target of Rs 1114: SBICAP Sec

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Buy Procter and Gamble, target of Rs 1114: SBICAP Sec

SBICAP Securities has recommended a buy rating on Procter and Gamble Hygiene and Health Care (P&GHH) with a target of Rs 1114. P&GHH continues to be one of the research firm's top picks in the FMCG sector due to a robust outlook for its products, leadership position, strong balance sheet and healthy return on capital.

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SBICAP Securities has recommended a buy rating on Procter and Gamble Hygiene and Health Care (P&GHH) with a target of Rs 1114 in its October 13, 2008 research report. "P&GHH continues to be one of our top picks in the FMCG sector due to a robust outlook for its products, leadership position, strong balance sheet and healthy return on capital. Its products due to their characteristics remain relatively immune from the current inflationary situation perceived to slow down demand for consumer goods."

"Also, in the current volatile markets, P&GHH appears to be the best defensive bet and the current decline in market price of the scrip offers good entry point to the investors. The scrip trades at attractive valuation of 12.4x FY2010 EPS of Rs 54.7. Recommend Buy with a target price of Rs 1,114," says SBICAP Securities' research report.

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To read the full report click on the attachment......