PINC Research has recommended buy rating on Shriram Transport Finance, in its August 6, 2008 report, "At the CMP of Rs 309, STFC is trading at a P/E of 13.23x FY09 discounting EPS of Rs23 and a P/BV of 2.54x. We value the stock at a FY09 adjusted book value multiple of 2.57x and implies a sustainable RoE of 20% under Gordon’s model. This arrives at FY09 target price of Rs 350. This suggests a 15% upside from the CMP. Therefore we revise our recommendation upwards to ‘BUY’, " according to Pinc research report.

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