Buy Titan Industries,target of Rs 1630: Hem

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Hem Securities has recommended a buy rating on Titan Industries with a target price of Rs 1630 in its May 20, 2008 research report. "The company has posted excellent results in the year 2008. Net sales have surged to Rs 3046 million showing a growth of 42.57%. The revenues from the jewellery and watches segment have been on a continuous uptrend. Net profit margins have been under pressure but the ongoing expansion plans of the company will enhance the profitability too. EPS for the year ended March 2008 comes out to Rs 33.24 against Rs 22.50 in 2007."
 
"The company has posted a CAGR of 39.02% in the topline and 91.74% in the bottomline over a period of 3 years. The diversified range of products and strong brand presence in the market are expected to leverage its growth. New ventures like Titan eye+ and Gold plus are targeted to tap opportunities in the unexplored segments. The company's foray into Precision engineering is also expected to become a significant contributor to the revenues in the coming years. Presently, the stock is trading at Rs 1212 which is at 36.46 times to its earnings and 12.07 times to its book value. Keeping in mind the prospects offered by the company, we initiate a 'BUY' signal on the stock with a target price of Rs 1630 in the medium to long term investment horizon, expecting an appreciation of 34%," says Hem's research report.

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