Buy GIC Housing Finance; target Rs 92: Firstcall Research
Brokerage house Firstcall Research is bullish on GIC Housing Finance and has recommended buy rating on the stock with a target price of Rs 92 in its August 31, 2013 research report.
September 04, 2013 / 12:43 IST
Firstcall's report on GIC Housing Finance
"GIC Housing Finance's net profit jumps to Rs.243.00 million against Rs.220.20 million in the corresponding quarter ending of previous year. Revenue for the quarter is rose by Rs.1478.60 million from Rs.1318.50 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.4.51 a share during the quarter, registering 10.35 percent increases over previous year period. Profit before interest, depreciation and tax is Rs.1313.70 millions as against Rs.1198.40 millions in the corresponding period of the previous year."Outlook and conclusion: "At the current market price of Rs.81.80, the stock P/E ratio is at 4.53 x FY14E and 4.13 x FY15E respectively. Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.18.05 and Rs.19.79 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 17 percent and 22 percent over 2012 to 2015E respectively. On the basis of EV/EBITDA, the stock trades at 1.04 x for FY14E and 0.94 x for FY15E. Price to Book Value of the stock is expected to be at 0.68 x and 0.58 x respectively for FY14E and FY15E. We recommend 'BUY' in this particular scrip with a target price of Rs 92 for Medium to Long term investment," says Firstcall Research report.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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