Hold Mastek: PINC Research

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Hold Mastek: PINC Research

PINC Research has maintained its hold rating on Mastek. Mastek Ltd. (Mastek) reported a disappointing quarter as net sales dipped by 2.6% QoQ to Rs 2.5 billion primarily due to cross currency headwinds and client pressures.

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PINC Research has maintained its hold rating on Mastek in its January 12, 2009 research report. "Mastek Ltd. (Mastek) reported a disappointing quarter as net sales dipped by 2.6% QoQ to Rs 2.5 billion primarily due to cross currency headwinds and client pressures. Mastek's business model remains superior to that of most mid tier peers due to its focus on solution based fixed price offerings but a deteriorating economic environment continues to impart pressure on client spends and this has disrupted near term visibility over revenues. Though valuations appear cheap, an outlook of single digit earnings growth does not make a case for a re-rating in the stock. Therefore, we maintain our 'HOLD' recommendation," says PINC's research report.

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To read the full report click on the attachment......