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Buy Aban Offshore, target of Rs 484: Hem Securities

Posted on: March 30th, 2009 and is filed under Brokerage Recommendations.

Hem Securities has recommended a buy rating on Aban Offshore with a price target of Rs 484 in its March 28, 2009 research report. “Aban Offshore Ltd., has two business segments: Offshore Oil Drilling and Production services, and Wind Power generation.

The company posted excellent financial figures for the quarter ended December 2008. The net sales for the company gone up by 54.88% to Rs 2618.68 million for the Q3FY09 as against the net sales of Rs 1690.74 million for the Q3FY08. The net profit for the company rose to Rs 558.72 million for the Q3FY09 in comparison to net profit of Rs 477.67 million for the Q3FY08 with the growth rate of 16.97%. The net profit margin stood at 21.34% for Q3FY09 in comparison to 28.25% for Q3FY08.”

“Besides, the current market valuation also makes an attractive case for fresh investments in the stock. Aban Offshore has contracts of about Rs. 14000 crore, which clearly shows the strength of the company. We initiate a ‘BUY’ signal on the stock at the current levels with a target of Rs 484 in the medium -term investment horizon with an appreciation of 15%,” says Hem Securities’ research report.

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