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PINC Research has recommended a hold rating on MIC Electronics. MIC Electronics Ltd.’s (MIC) results were significantly better than research firm's expectations as it capitalised on the sustained tilt in sales mix towards high margin media business while also benefiting from softening raw material prices.
"At the CMP of Rs 905, the stock is trading at a P/E of 15.1x and EV/ EBIDTA of 10.4x FY10E consolidated earnings. The media segment has been exhibiting significant traction. Further, other initiatives like rentals and LED lighting on a BOT model are at the cusp of scaling up, imparting visibility to MIC's earnings. However, the company is still exposed to implementation risks and rich valuations do not offer any scope to absorb any earning glitches. Hence, we recommend a ‘HOLD’ and will review the same as we gain greater clarity on the progress of the various business segments," says PINC's 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. For further details click on attachment......
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