Buy Spanco Telesystems; target of Rs 383: Emkay

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Buy Spanco Telesystems; target of Rs 383: Emkay

Emkay Research is bullish on Spanco Telesystems and Solutions and has recommended buy rating on the stock with a target of Rs 383.

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Emkay Research is bullish on Spanco Telesystems and Solutions and has recommended buy rating on the stock with a target of Rs 383, November 2, 2007 report."We continue to remain bullish on Spanco due to the robust expansion activity in the industry, which provides immense growth opportunity for the company. We have lowered our earnings estimate for FY08 by 16% to Rs 23.9 and have introduced estimates for FY09 with earnings of Rs35.8 per share. Over FY07-09E, we expect net sales to increase by 49% CAGR to Rs 9481 million and PAT to increase by 61% CAGR to Rs 842 million. We revise our price target upwards from Rs 311 per share to Rs 383 per share based on SOTP approach (10x EPS for FY09 and Rs 25 per share for the IRCTC project). We maintain our BUY recommendation on the stock." says Emkay research report.

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