ICICI Direct's research report on KSB Pumps
The Indian Meteorological Department (IMD) has forecast near normal rainfall at 96% of LPA for upcoming monsoon season 2017. According to senior officials at IMD, although there does exist neutral El Niño conditions (30% probability) in the Pacific Ocean, positive dipole movement in the Indian Ocean is expected to counter the Pacific move and result in normal monsoon in 2017.
Outlook
With high skilled technology backing from the parent group i.e. KSB AG and company executing a new capex programme, we believe KSB India is aptly placed to seize demand revival in the domestic capital goods space. We value KSB at 30x P/E on CY18E EPS of Rs 26.7 and assign a target price of Rs 800 with BUY rating.
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