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Buy CESC; target of Rs 101: Emkay Global Financial

Emkay Global Financial is bullish on CESC has recommended buy rating on the stock with a target price of Rs 101 in its research report dated January 13, 2022.

January 14, 2022 / 05:43 PM IST
 
 
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Emkay Global Financial's report on CESC


Standalone PAT for the quarter stood at Rs1.84bn in Q3 - up 1% YoY and in line with our estimate. Flat earnings were largely on account of the delay in Tariff order for the Kolkata license area. We believe that once the Tariff order comes, there will be decent growth in standalone earnings. CESC also reported stable earnings for the majority of its subsidiaries. Dhariwal Infrastructure posted strong earnings – 9M PAT of Rs1,090mn vs. Rs750mn in 9MFY21; Q3FY22 PAT was Rs500mn. This was largely due to the sale of power in the short term due to high prices at the power exchange. Dhariwal participated with a 210MW bid in a medium-term power purchase tender. If it wins the bid, tied power at Dhariwal will increase.



Outlook


We maintain Buy with a Sept’22 TP of Rs101. CESC remains a 5% dividend yield stock with mid-single digit earnings growth.


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At 17:30 CESC was quoting at Rs 92.55, up Rs 0.30, or 0.33 percent.

It has touched an intraday high of Rs 93.85 and an intraday low of Rs 91.70.

It was trading with volumes of 396,619 shares, compared to its thirty day average of 183,482 shares, an increase of 116.16 percent.

In the previous trading session, the share closed down 0.65 percent or Rs 0.60 at Rs 92.25.

The share touched its 52-week high Rs 102.45 and 52-week low Rs 57.50 on 19 October, 2021 and 19 April, 2021, respectively.

Currently, it is trading 9.66 percent below its 52-week high and 60.96 percent above its 52-week low.

Market capitalisation stands at Rs 12,268.15 crore.

For all recommendations report, click here

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first published: Jan 14, 2022 05:43 pm
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