Quotes with Resistance & Support
Market Information

Accumulate ABG Shipyard for target of Rs 230: Prabhudas Lilladher

Posted on: June 23rd, 2009 and is filed under Brokerage Recommendations.

MUMBAI: Prabhudas Lilladher has maintained Accumulate rating on ABG Shipyard after the company announced its quarterly results. The brokerage
expects the stock to touch a target price of Rs 230 per share.

ABG Shipyard’s topline for the quarter stood at Rs 3,368.6 million indicating a growth of 40% YoY. However, the topline declined by 29.3% QoQ.

Besides a change in the accounting policy, LC and bank guarantee charges were lower in the quarter. The company also converted certain working capital loans to commercial paper, thereby leading to a decrease in the average borrowing cost. ABG’s net profits increased by 12.8% YoY and QoQ on account of this saving.

“ABG currently trades at a PER of 8.9x FY10 and 6.3x FY11 (ex-subsidy). We expect the company’s profits (ex-subsidy) to grow at 16.2% CAGR over the next two years. We maintain our ‘Accumulate’ rating on the stock,” the report said.

source: Economictimes

Tags: , , , , ,

Similar Posts:


+ve 30 DMA    50 DMA    150 DMA    200 DMA
-ve 30 DMA    50 DMA    150 DMA    200 DMA

Latest Query

Samrudhiglobal.com wishing you and your friends and family Advance xmas and Happy New year...view more »
- by Sam
Status: Awaiting reply

Market Stats

Search Our Archives

Latest Investment Idea

Recent Comments