Geojit recommended is bullish on Cochin Shipyard has recommended buy rating on the stock with a target price of Rs 445 in its research report dated August 20, 2020.
Geojit's research report on Cochin Shipyard
Q1FY21 revenue & Profitability declined by 55% & 65% on account of Covid-19 related disruptions. Order backlog is at ~Rs14,393cr, including recently booked order of 2 Autonomous Electric Ferries, providing strong visibility for next 3 years. Management's focus is on doubling of ship repair business for this CSL is ramping-up its ship repair facilities and construction of a new dry dock. We remain constructive on CSL over long term, given capacity expansion, improvement in order visibility and GoI focus on indigenous procurement.
We value CSL at a P/E multiple of 10x on FY22E and maintain our Buy rating with a target price of Rs445.
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