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Last Updated : Aug 09, 2017 04:19 PM IST | Source: Moneycontrol.com

Buy KEC International; target of Rs 330: HDFC Securities

HDFC Securities is bullish on KEC International has recommended Buy rating on the stock with a target price of Rs 330 in its research report dated August 03, 2017.

 
 
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HDFC Securities' research report on KEC International

KECI’s revenue at Rs 18.6bn came in line with our estimates. With the execution of high-margin Railway orders, EDITDA margin expanded 100bps to 9.5%. Lower interest cost (-12.3% YoY, Rs 0.6bn) and higher other income (+96% YoY, Rs 98mn) resulted in APAT growth of 103.5% YoY to Rs 0.6bn. As at June-17 end, the orderbook stood robust at Rs 135bn (+7.1% QoQ; +30.1% YoY). Further, KECI is L1 in orders worth Rs 45bn.

Outlook

we raise our P/E multiple to 17x (15x earlier), and thereby upgrade the stock to BUY with a TP of Rs 330/sh (17x Jun-19 EPS).

For all recommendations report, click here

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First Published on Aug 9, 2017 04:19 pm
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