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Great Eastern Shipping an outperformer: HDFC Securities
HDFC Securities has given an outperformer rating to Great Eastern Shipping Company with a price target of Rs 462. At the CMP of Rs 388, the stock is trading at 5.1x and 3.7x its FY09E and FY10E consensus earnings respectively and significantly lower to its NAV of Rs 632 per share as on June 2008, showing a limited downside to the stock.
HDFC Securities has given an outperformer rating to Great Eastern Shipping Company with a price target of Rs 462 in its research report dated August 28, 2008. "At the CMP of Rs 388, the stock is trading at 5.1x and 3.7x its FY09E and FY10E consensus earnings respectively and significantly lower to its NAV of Rs 632 per share as on June 2008, showing a limited downside to the stock. We believe the asset prices to further improve in FY09 and offshore business to fetch better returns contributing nearly 19% to the revenue by FY10E. Thus we give an Outperformer rating on the stock with a price target of Rs 462 (average of 4xFY10E and 20% discount to NAV) as huge capacity is being lined up and strong growth is expected in Shipping and Offshore segments," says HDFC Securities' research report.
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