Buy Ashoka Buildcon: Target Of Rs 85: Sharekhan
Sharekhan is bullish on Ashoka Buildcon recommended buy rating on the stock with a target price of Rs 85 in its research report dated November 12, 2020.
Nov 15, 2020 / 11:30 AM IST
Sharekhan's research repor on Ashoka Buildcon
In Q2FY2021, Ashoka reported better-than-expected execution in EPC business and stable in-line OPM that helped net earnings beat estimates. Labour issues getting normalized and healthy order backlog led to retaining standalone revenue growth guidance for FY2021 and expectation of 15-20% y-o-y growth for FY2022. Expect Macquarie exit from ACL portfolio by December 2020. The company may get an opportunity to divest its stake as investors prefer 100% ownership.
We recommend Buy on Ashoka Buildcon Limited (Ashoka) with a price target of Rs. 85, considering a healthy order backlog, comfortable liquidity and improving industry outlook.
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