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AIA ENGINEERING LTD. (AIA)
PRICE: RS.957 RECOMMENDATION: BUY
TARGET PRICE: RS.1180 FY16E P/E: 17.8X
AIA Engineering has been witnessing meaningful demand mainly in the
mining space; margins likely to remain stable over the next two years.
Exports market continues to remain strong; management maintains positive
outlook on revenue and profitability growth in future.
We revise our earnings estimate upward to factor in further improved
outlook on mining exports growth over FY15 and FY16. Tweak operating
margin for FY16 due to operating leverage. We expect ferro-chrome (key
raw material) prices to remain stable in the medium term. Factoring these
changes, we arrive at a DCF based target price of Rs 1180 (Rs 970 earlier) and
maintain 'BUY' recommendation on company's stock.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
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AIA ENGINEERING LTD. (AIA)
PRICE: RS.957 RECOMMENDATION: BUY
TARGET PRICE: RS.1180 FY16E P/E: 17.8X
AIA Engineering has been witnessing meaningful demand mainly in the
mining space; margins likely to remain stable over the next two years.
Exports market continues to remain strong; management maintains positive
outlook on revenue and profitability growth in future.
We revise our earnings estimate upward to factor in further improved
outlook on mining exports growth over FY15 and FY16. Tweak operating
margin for FY16 due to operating leverage. We expect ferro-chrome (key
raw material) prices to remain stable in the medium term. Factoring these
changes, we arrive at a DCF based target price of Rs 1180 (Rs 970 earlier) and
maintain 'BUY' recommendation on company's stock.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
LINK
http://www.kotaksecurities.com/pdf/dmb/MorningInsight11092014up.pdf
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