Buy Central Depository Services; target of Rs 320: Kotak Securities

Kotak Securities is bullish on Central Depository Services has recommended buy rating on the stock with a target price of Rs 320 in its research report dated 06 Aug 2018.

Broker Research

September 18, 2018 / 16:46 IST

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Kotak Securities' research report on Central Depository Services

Central Depository Services (CDSL) 1QFY19 operating performance was in line, but lower other income weigh on PAT. Owing to the volatile capital markets, key segments (except data processing) grew at subdued pace. Data Processing revenue declined on challenging capital markets and lesser primary market traction.

Outlook

Besides this, compulsory demat of unlisted companies if it materializes, will further support higher valuation. We reiterate our BUY rating with an unchanged target price of Rs320. At CMP, the stock is trading at 25.3x/22.4x FY19E/FY20E earnings.

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Broker Research

first published: Aug 8, 2018 04:52 pm

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