India Cements a market performer: HDFC Securities
HDFC Securities has maintained its market performer rating on India Cements with a target price of Rs 94 in its February 26, 2009 research report. “Even though, the company is set to increase its capacity to 13 mt by FY09 end from 9 mt in FY08, we expect its sales volume to remain under pressure due to the bunching up of capacities in the South region.
We expect the capacity utilization of the company to be 80% in FY10E, which will be in line with the capacity utilization of the South region. ICEM is exposed to cement price volatility with 5% EPS sensitivity to 1% change in realization. We maintain our “Market Performer with a negative bias” rating on the stock with a target price of Rs 94 (a downside of 5% over it the CMP),” says HDFC Securities’ research report.
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