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Jindal Saw: Buy; PT Rs283
Growth impetus for the pipes industry is oil and gas transportation capex,
water projects and E&P activity. However, expect moderate flow of orders
for FY12.
Management guided low EBITDA margins for HSAW, US$175-200/MT for
LSAW and US$150-200/MT for DI pipes, and high margins for Seamless.
Positive on DI capacity in Middle East and believe margins could be much
higher.
The company expects iron ore mine commissioning by H2FY12 and pellet
plant in the next year. On successful execution EBITDA could significantly
rise in FY13/14.
MTM adjustment likely against net worth in Q1FY12 and contracts expected
to close by Dec-12.
The company expects to unlock value by demerging Hexa securities (which
holds investments in other group companies like JSPL, JSW Steel, Jindal
Saw Holding, Nalwa Sons) by August 2011.
Has moved into other businesses through Jindal ITF, of which it expects
good growth to come from Jindal Urban (waste conversion plant) by setting
up 20MW power plant in Delhi, and Jindal Waterways, and Jindal Rail Infra
(manufacturing stainless steel wagon).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Jindal Saw: Buy; PT Rs283
Growth impetus for the pipes industry is oil and gas transportation capex,
water projects and E&P activity. However, expect moderate flow of orders
for FY12.
Management guided low EBITDA margins for HSAW, US$175-200/MT for
LSAW and US$150-200/MT for DI pipes, and high margins for Seamless.
Positive on DI capacity in Middle East and believe margins could be much
higher.
The company expects iron ore mine commissioning by H2FY12 and pellet
plant in the next year. On successful execution EBITDA could significantly
rise in FY13/14.
MTM adjustment likely against net worth in Q1FY12 and contracts expected
to close by Dec-12.
The company expects to unlock value by demerging Hexa securities (which
holds investments in other group companies like JSPL, JSW Steel, Jindal
Saw Holding, Nalwa Sons) by August 2011.
Has moved into other businesses through Jindal ITF, of which it expects
good growth to come from Jindal Urban (waste conversion plant) by setting
up 20MW power plant in Delhi, and Jindal Waterways, and Jindal Rail Infra
(manufacturing stainless steel wagon).
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