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Buy Sical Logistics, target of Rs 77: Karvy
Karvy Stock Broking has maintained its buy rating on Sical Logistics with a target of Rs 77. The research firm expects net profit to increase by 6.4% to Rs 93.5 million, translating into EPS of Rs 2.4.
Karvy Stock Broking has maintained its buy rating on Sical Logistics with a target of Rs 77 in its January 7, 2009 research report. "For Q3FY09 (Consolidated), Sical is expected to report revenue decline of 4.6% YoY (QoQ increase of 7.6%) to Rs 1.86 billion. The company has added third rake in its 100% subsidiary, Sical Multimodal and Rail Transport in October 2008 and has deployed it on the North South corridor. Overall, we expect net profit to increase by 6.4% to Rs 93.5 million, translating into EPS of Rs 2.4. We expect consolidated net profit to increase at a CAGR of 16.2% to Rs 510 mn in FY10 considering business restructuring and growth in offshore business. We maintain our valuation at 6xFY10 earnings with target price of Rs 77," says Karvy Stock Broking's research report.
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