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Hold Mercator Lines, target of Rs 42: PINC
PINC Research has come out with a research report on Mercator Lines. The broking firm has upgraded recommendation to hold on the stock with a price target of Rs 42, in its report dated May 27, 2010.
PINC Research has come out with a research report on Mercator Lines . The broking firm has upgraded recommendation to hold on the stock with a price target of Rs 42, in its report dated May 27, 2010.
The report says, "Mercator Lines' Q4FY10 net profits of Rs 214 million were above our expectations of Rs 187 million mainly on account of sale of 3 ships in the quarter. Net sales decreased by 10% to Rs 4.8 billion in line with our estimates of Rs 4.9 billion."
"We believe the dry-bulk carriers and Jack-up rig are the two main earnings driver for the company as these are mostly contracted. The dredgers' earnings would remain depressed for at-least next one year. We maintain our earnings estimates for FY11and FY12E. We upgrade our recommendation to hold with a price target of Rs 42, discounting FY11E EPS 5x," according to report.
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