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HDFC Securities has maintained its buy rating on Zuari Industries with a target of Rs 482. In H1FY09 Zuari’s profits increased 78% YoY to Rs 776 million.
HDFC Securities has maintained its buy rating on Zuari Industries with a target of Rs 482 in its October 21, 2008 research report. "In H1FY09 Zuari’s profits increased 78% YoY to Rs 776 million. But, as the management was unavailable to comment, we haven’t revised our estimates for FY09E & FY10E. Valuations remain compelling."
"At the CMP, even if 60% of the profits are maintained in H2FY09, the standalone business is available at 4.3x FY09E EPS. Above this, for the full year, we expect Zuari’s JV Paradeep Phosphate (50% holding) to report a PBT of Rs 5 billion, which is equal to Zuari’s current market cap. We maintain BUY but with a modest price target of Rs 482 (adjusted for current market value of investments) from Rs 510 earlier," says HDFC Securities' research report. Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. .....
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