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Accumulate ABG Shipyard, target of Rs 230: P Lilladher

Posted on: June 26th, 2009 and is filed under Brokerage Recommendations.

Prabhudas Lilladher has maintained its accumulate rating on ABG Shipyard, with price target of Rs 230, in its report dated June 22, 2009.

“Although ABG’s debt increased from Rs 12 billion in Q3FY09 to Rs 15 billion in Q4FY09, the overall finance charge declined from Rs 513 million in Q3FY09 to Rs 302 million in Q4FY09. 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, with target price of Rs 230,” says Prabhudas Lilladher’s report.

source: Moneycontrol

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