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Buy Satyam Computer: Motilal Oswal
Motilal Oswal has maintained its buy rating on Satyam Computer Services. Satyam’s USD revenues grew 2.3% QoQ to USD 652 million in line with the guidance. Adjusting for cross currency impact, revenues grew by 5% QoQ.
Motilal Oswal has maintained its buy rating on Satyam Computer Services in its November 14, 2008 research report. "Satyam's USD revenues grew 2.3% QoQ to USD 652 million in line with the guidance. Adjusting for cross currency impact, revenues grew by 5% QoQ. Satyam has cut its FY09 USD guidance by 5% to USD 2.55 billion-2.59 billion (upper end assumes growth of 21%). The guidance cut is attributed to cross currency impact (3%) and lower volume growth expectations (2%). 3QFY09 USD revenue guidance of USD 634 million-652 million, implies QoQ growth of -2.8-0.2%."
"Management mentioned that it expects contribution of USD 15-20 million of revenues in 2HFY09 from the acquisitions that it made earlier. Adjusted for these acquisitions, the guidance factors a decline in revenues of 1-4% in 2HFY09 over 1HFY09. Our FY09 EPS stands revised to Rs 33.3 and for FY10 to Rs 34.2. The stock is trading at 7.9x FY09E and 7.6x FY10E earnings respectively. Maintain Buy," says Motilal Oswal's research report.
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