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India Equity Research Reports, IPO and Stock News
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Pipeline robust, confident on demand
Remains confident of the demand environment.
Demand from Banking, Retail, Energy and Utilities markets is robust with growing pipeline. Telecom remains weak.
Supply side pressures are easing and attrition is declining gradually every month.
We expect margins to remain stable in FY12 at c27% EBIT.
Valuation and risks
We value TCS on a PE of 22x our CY12e earnings (in line with Infosys), yielding a target price of INR1,300. We have an
Overweight rating on TCS. The stock is currently trading at c10% premium to Infosys shares.
Risks: Wage inflation and a macro-economic slowdown are the primary risks to our rating for TCS.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Pipeline robust, confident on demand
Remains confident of the demand environment.
Demand from Banking, Retail, Energy and Utilities markets is robust with growing pipeline. Telecom remains weak.
Supply side pressures are easing and attrition is declining gradually every month.
We expect margins to remain stable in FY12 at c27% EBIT.
Valuation and risks
We value TCS on a PE of 22x our CY12e earnings (in line with Infosys), yielding a target price of INR1,300. We have an
Overweight rating on TCS. The stock is currently trading at c10% premium to Infosys shares.
Risks: Wage inflation and a macro-economic slowdown are the primary risks to our rating for TCS.
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