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IT Services Sector
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Trimming estimates for Tier II coverage
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n This note is an extension to our note dated August 22’11 wherein we cut our estimates for Tier 1 companies highlighting increasing risk from worsening macro
n Along similar lines, we cut our FY13E rev for mid tier companies by 2-5% and now build in a 9-23% US$ rev growth (V/s 14-29% earlier) driving ~3-11% cut in earnings estimates
n Cuts in earnings estimates coupled with target multiples drives a 6-18% cut in our target prices for our mid cap universe
n We continue to prefer Hexaware (ACCUMULATE, TP Rs. 80) and NIIT Tech (ACCUMULATE, TP Rs. 235) within our mid tier IT services universe on higher revenue/order book visibility
Co Name
|
CMP
|
FY12 EPS
|
FY13 EPS
|
P/E
|
TP
|
Rating
| |||||
Old
|
New
|
Old
|
New
|
FY12
|
FY13
|
Old
|
New
|
Old
|
New
| ||
NIIT Tech
|
197
|
29.7
|
29.6
|
35.0
|
34.1
|
6.7
|
5.8
|
250
|
235
|
Accum
|
Accum
|
Infinite
|
91
|
28.5
|
28.3
|
34.4
|
32.9
|
3.2
|
2.8
|
160
|
150
|
Buy
|
Buy
|
Patni
|
280
|
25.0
|
25.0
|
30.4
|
28.4
|
11.2
|
9.9
|
na
|
na
|
n.a
|
n.a
|
Hexaware
|
80
|
7.5
|
7.5
|
8.2
|
7.4
|
10.7
|
10.8
|
95
|
80
|
Accum
|
Accum
|
eClerx
|
719
|
52.2
|
52.1
|
63.9
|
60.6
|
13.8
|
11.9
|
885
|
800
|
Accum
|
Accum
|
Tech Mahindra
|
661
|
72.5
|
72.7
|
78.2
|
76.1
|
9.1
|
8.7
|
730
|
650
|
Hold
|
Hold
|
Mah. Satyam
|
74
|
6.4
|
6.4
|
6.7
|
6.4
|
11.6
|
11.5
|
80
|
75
|
Hold
|
Hold
|
Persistent
|
310
|
32.2
|
31.7
|
37.3
|
33.3
|
9.8
|
9.3
|
430
|
350
|
Accum
|
Accum
|
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