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Sintex
Business momentum continues to be strong in both domestic and international
markets.
Strong order book (monolithic housing) provides visibility to domestic revenue
stream (31% of FY12E revenue). Increasing acceptance of monolithic housing, and
penetration into new markets is likely to grow the order book. Company has
recently enhanced its execution ability with acquisition of Durha Construction.
Overseas acquisitions have begun to deliver: Company is witnessing margin
expansion and new order inflow seen. International business (Europe and US)
gaining momentum as it diversifies away from Autos to Aerospace, Medical
Imaging, and Defence sectors.
Balance sheet strength provides cushion: Gearing remains low at 0.7x. Also, it has
ample liquidity with USD160m of zero-coupon FCCBs to pursue growth
(expansion, new acquisitions).
TP of INR203 is based on two-stage DCF and implies 42% upside from current
levels.
Key Catalysts: Anticipate strong earnings momentum in 4QFY11 and continuing
into FY12
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sintex
Business momentum continues to be strong in both domestic and international
markets.
Strong order book (monolithic housing) provides visibility to domestic revenue
stream (31% of FY12E revenue). Increasing acceptance of monolithic housing, and
penetration into new markets is likely to grow the order book. Company has
recently enhanced its execution ability with acquisition of Durha Construction.
Overseas acquisitions have begun to deliver: Company is witnessing margin
expansion and new order inflow seen. International business (Europe and US)
gaining momentum as it diversifies away from Autos to Aerospace, Medical
Imaging, and Defence sectors.
Balance sheet strength provides cushion: Gearing remains low at 0.7x. Also, it has
ample liquidity with USD160m of zero-coupon FCCBs to pursue growth
(expansion, new acquisitions).
TP of INR203 is based on two-stage DCF and implies 42% upside from current
levels.
Key Catalysts: Anticipate strong earnings momentum in 4QFY11 and continuing
into FY12
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