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Sintex Industries: Buy, PT Rs240
Key growth drivers for Sintex are monolithic construction and pre-fabs, apart
from scale-up of earlier acquisitions
Advantages of pre-fabs and monolithic as compared to conventional
construction method should facilitate their growth as overall social spending
increases.
Significant benefit in monolithic due to backward integration of plastic
formwork manufacturing; execution ability and astute supervision by Sintex
engineers. Typically construction/real estate companies outsource monolithic
EPC to specialists. Focus will remain on low cost housing, as management
expects high market growth. Also, management expects monolithic margins
to be retained for 3-5 years.
In our view, working capital could be maintained at FY11 levels, as share of
monolithic will remain high.
Management continues to focus on core business and will not venture into
un-related areas.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sintex Industries: Buy, PT Rs240
Key growth drivers for Sintex are monolithic construction and pre-fabs, apart
from scale-up of earlier acquisitions
Advantages of pre-fabs and monolithic as compared to conventional
construction method should facilitate their growth as overall social spending
increases.
Significant benefit in monolithic due to backward integration of plastic
formwork manufacturing; execution ability and astute supervision by Sintex
engineers. Typically construction/real estate companies outsource monolithic
EPC to specialists. Focus will remain on low cost housing, as management
expects high market growth. Also, management expects monolithic margins
to be retained for 3-5 years.
In our view, working capital could be maintained at FY11 levels, as share of
monolithic will remain high.
Management continues to focus on core business and will not venture into
un-related areas.
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