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Buy Wyeth: Parag Parikh Financial
Parag Parikh Financial Advisory Services has its maintained buy rating on Wyeth. Wyeth reported stellar set of numbers for the first quarter of the current financial year. The Indian arm of the US pharma major saw its top-line rise by more than 28% Q-o-Q from Rs 892.9 million for Q4FY09 to Rs 1,146.7 million for Q1FY10.
Parag Parikh Financial Advisory Services has its maintained buy rating on Wyeth in its report dated July 17, 2009.
"Wyeth reported stellar set of numbers for the first quarter of the current financial year. The Indian arm of the US pharma major saw its top-line rise by more than 28% Q-o-Q from Rs 892.9 million for Q4FY09 to Rs 1,146.7 million for Q1FY10. With 70% Q-o-Q jump in Advertising & Sales Promotion Expenses, Wyeth reported a 60% rise in Operating Profits for the first quarter ended 30th June 2009 to Rs 388.6 million. Operating Profit margins improved by more than 668 bps to 33.89% for Q1FY10. We continue to remain positive about the future performance of Wyeth Ltd. The company's performance supports our stance. Besides, healthy cash flows, miniscule debt & decent dividend yields add to the defensive flavor of the stock. At CMP of Rs 622.45, the scrip trades at 13x FY10E earnings of Rs. 47.7. Maintain 'BUY', " says Parag Parikh Financial Advisory Services' report.
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