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Viceroy Hotels an underperformer: ICICIdirect.com
ICICIdirect.com has rated Viceroy Hotels as underperformer with target of Rs 36. Viceroy Hotels posted 34.8% decline in its standalone net profits to Rs 0.95 crore.
ICICIdirect.com has rated Viceroy Hotels as underperformer with target of Rs 36 in its November 17, 2008 research report. "Viceroy Hotels posted 34.8% decline in its standalone net profits to Rs 0.95 crore. Sales rose 9.0% to Rs 18.97 crore from Rs 17.41 crore last year. With concerns over expected room supply outpacing room demand in cities like Hyderabad and Chennai, coupled with expected decline in growth of foreign tourist arrivals led by global financial crises and company's high dependence on this two cities does not provide strong earnings growth visibility. We value the company at 9.0x FY10E EPS of Rs 4 and arrive at a target price of Rs 36 and rate the stock as "UNDER PERFORMER"," says ICICIdirect.com's research report.
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