Buy Reliance Power; target of Rs 155: Emkay

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Buy Reliance Power; target of Rs 155: Emkay

Emkay Global Financial Services is bullish on Reliance Power and has recommended buy rating on the stock with a target of Rs 155 in its February 13, 2012 research report.

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RELATED NEWS Buy Power Finance; tgt of Rs 266: Arihant capital markets Buy Wockhardt; target of Rs 600: FinQuest Securities Buy Suzlon Energy; target of Rs 37: KRChoksey ALSO READ See previous views by Emkay Global Financial Services See what other Experts & Brokerages are saying about Reliance Power See messages about Reliance Power Reliance Power BSE | NSE 31/05/12 Are Mutual Funds betting on Reliance Power?

Emkay Global Financial Services is bullish on Reliance Power and has recommended buy rating on the stock with a target of Rs 155 in its February 13, 2012 research report.

"Reliance Power, 3Q12 PAT of Rs2.04bn better on Rosa PAT and other income. No under recoveries at Rosa-I despite overhaul shutdown taken for Unit-2 during 3Q12 as YTD PAF remained above 85%. PAF and PLF of Rosa-I stood at 79% and 75% respectively during the quarter. Management indicated significant improvement in PAF at Rosa-I (above 100%) in the month of January and February (MTD). Imported coal blending at Rosa-I in 3Q12 has reduced to 33% against 40% in 2Q12. We upgrade our FY12E earnings by 16% to factor higher PAT from Rosa and higher other income and fine tune FY13E earnings."

"3Q progress - (1) Rosa unit 3 commissioned, (2) Sasan coal mine- own equipments also put to work and considerable overburden removed, (3) Indo mines - JORC report for IInd block completed and trial barge transportation completed (7.5mn MT - transporation potential by barges), (4) Tilaiya mine - R&R consultation/consent from locals, at advance stages and section 24 notification exp. In next 2 months, (5) gas turbines installed/ready for synchronization and (6) butibori 1st unit hydro test completed. Solidity, positive triggers and progress made is being ignored with stock at 30% discount to its fair value (based on conservative numbers). Foresee RPL as the most sustainable private power utility; reiterate buy with DCF based price target of Rs155/Share," says Emkay Global Financial Services research report.   

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