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Accumulate Maruti Suzuki, target of Rs 764: Angel Broking

Posted on: April 27th, 2009 and is filed under Brokerage Recommendations.

Angel Broking has maintained its accumulate rating on Maruti Suzuki India with a target price of Rs 764 in its April 24, 2009 research report.

“We believe Maruti’s overall performance will improve from 1QFY2009. We expect it to register around 8% yoy increase in overall volumes aided by 4-5% yoy growth in Domestic volumes and more than 40% yoy growth in Export volumes. We believe that ramp up of ‘AStar’ and launch of ‘Splash’ will ensure around 8-9% volume growth in FY2010 provided there’s some recovery in the macro-economic fundamentals. Thus, for FY2010 we estimate the company’s Top-line to grow at around 10.7% yoy to Rs 22,650 crore and Net Profit to grow by 29% following improvement in Operating Margins (due to lower input costs).”

“We expect Maruti’s valuation to be largely determined by its ability to maintain marketshare amidst a harsh industrial scenario and intensifying competition. We maintain our EPS estimates for FY2010 at Rs 54.5. We maintain an Accumulate on the stock, with a Target Price of Rs 764, at which the stock would trade at 14x FY2010E Earnings,” says Angel Broking’s research report.

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