We have revised upwards our earnings estimates of Sintex for FY2011 and FY2012 by 8.0% and 8.6%, respectively. At Rs 167, the stock of Sintex is trading at 8.1x FY2012E EPS and 1.7x FY2012E BV. Historically, Sintex has traded at 14x its 1-year fwd. avg. P/E, which makes current valuations attractive. Besides, Sintex’s fundamentals have strengthened with strong revenue visibility and demand in the domestic plastic segment. We maintain Buy Sintex with a target price of Rs 229
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McNally Bharat Engineering – Angel Broking Research Report
McNally Bharat Engineering registered CAGR of 57% in order inflow during FY2005-10E, increasing from Rs406cr to Rs3,835cr. It may be noted here that even during the global meltdown in FY2009, McNally Bharat Engineering registered substantial growth of 101% in sales on account of being present in diverse sectors. Overall, order inflow has been robust on improving economic environment, higher government investments and private capex in basic infrastructure and the power segment. McNally Bharat Engineering‘s current consolidated order book (end of 1QFY2011) stands at Rs4,803cr or 2.4x FY2010 consolidated revenues, which provides high revenue visibility.
READ MORE »Phillips Carbon Black – Angel Broking Research Report
Phillips Carbon Black is well poised to benefit from the rising demand for tyres going ahead. Moreover, we expect Phillips Carbon Black’s power segment to start contributing substantially to its bottom-line in FY2011 and FY2012 and provide stability to its earnings. We have valued Phillips Carbon Black on the sum-of- the parts valuation methodology and arrived at a Target Price of Rs270 wherein we have valued Phillips Carbon Black’s carbon black segment at Rs144//share (1x FY2012E P/BV) and the power segment at Rs126/share (NPV method)
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