20899 Investors following Sun Pharma. Share this News with them.
0
Like this story, share it with millions of investors on M3
Sun Pharma an outperformer: Karvy
Karvy Stock Broking has upgraded its rating on Sun Pharmaceutical Industries to outperformer with a target price of Rs 1632. Net revenues for the quarter were up by 66 % to Rs 10418 million.
Karvy Stock Broking has upgraded its rating on Sun Pharmaceutical Industries to outperformer with a target price of Rs 1632 in its August 1, 2008 research report. "Net revenues for the quarter were up by 66 % to Rs 10418 million. This has been mainly on back of formulations exports growing by 174 % to Rs 5310 million. Revenues for Caraco Pharma has gone down from USD 191.75 million in Q4FY08 to USD 108.3 million in Q1FY09."
"We have increased our revenue estimates by 5 % to Rs 41,848 million for FY 2009E and increase our FY 2010 estimates by 6.2 % to Rs 47565 million on back of greater traction in formulation exports and Active pharmaceutical ingredients. We have marginally increased our FY 2009 EPS estimates by 9.6 % to Rs 93.1 and our FY 2010 EPS estimates by 4.8 % to Rs 99.1. We rate the core business of the company at 20x FY 2010 at Rs 1482 while we value the exclusivity EPS of Rs 25 at 6x which would derive a value of Rs 150. We assign a price of Rs 1632 which is 5.6 % higher than our previous price target. On account of price revision we upgrade our rating to Outperformer," says Karvy'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.
