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Buy Satyam Computer, target of Rs 455: Angel
Angel Broking has maintained its buy rating on Satyam Computer Services with a target of Rs 455. Satyam reported a strong 7.6% qoq growth in consolidated Top-line for 2QFY2009 to Rs 2,819 crore.
Angel Broking has maintained its buy rating on Satyam Computer Services with a target of Rs 455 in its October 17, 2008 research report. "Satyam reported a strong 7.6% qoq growth in consolidated Top-line for 2QFY2009 to Rs 2,819 crore. Going ahead, we expect Satyam to record a CAGR of 26.7% in Top-line and 24.0% in Bottom-line over FY2008-10E. While we have raised our FY2009 and FY2010 EPS estimates for Satyam by 5% each, this has primarily been on account of higher Rupee-Dollar rates for the two fiscals."
"We have cut volume growth expectations from 28-30% yoy to 22-25% yoy, while we have also assumed flat pricing compared to the 1% yoy growth assumed earlier. We have also downgraded the P/E multiple for the stock, from 15x to 12x. Thus, we downgrade our Target Price from Rs 530 to Rs 455, while maintaining a Buy on the stock, even as near-term stock performance is likely to remain capped," says Angel Broking's research report.
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To read the full report click on the attachment.....
