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Buy Zylog Systems, target of Rs 189: Reliance Money
Reliance Money has maintained its buy rating on Zylog Systems with a revised target price of Rs 189. For Q2FY09, ZSL reported 1.4% growth in the consolidated revenues to Rs 1800.5 million, in USD term revenues were lowered by 6.1% sequentially to USD 42 million.
Reliance Money has maintained its buy rating on Zylog Systems with a revised target price of Rs 189 in its November 12, 2008 research report. "For Q2FY09, ZSL reported 1.4% growth in the consolidated revenues to Rs 1800.5 million, in USD term revenues were lowered by 6.1% sequentially to USD 42 million. We believe with over 30% EPS CAGR over FY08-10E coupled with a strong cash per share, ZSL trades at an attractive valuation with little downside risk. However, to capture the subdued market conditions and sector headwinds, we have revised our one year forward target multiple for ZSL from 5X to 3X, consequently we have revised our target price from Rs 335 to Rs 189. We maintain BUY on ZSL with a revised target price of Rs 189 at our target price stock will be valued at 3XFY09E and 2x FY10E earning," says Reliance Money's research report.
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