Buy ABB: Indiabulls Securities
Indiabulls Securities Research has upgraded its rating on ABB from hold to buy, in its May 21, 2009 research report.
“ABB Limited (India)’s revenues declined 9.2% yoy to Rs 14.1 billion in Q1’09 on account of weak order execution. Net profit of the Company was Rs 784 million, 33.4% lower than the previous year quarter. This was mainly due to an increase in other expenditures, depreciation charge and interest expenses in Q1’09 vis-à-vis Q1’08.”
“The postponement of several power projects, particularly by private players in FY08, coupled with ABB’s decision to exit rural electrification projects, had led to a flat growth in order inflows for the power division in FY08 vis-à-vis FY07. Orders from government utilities had remained strong, thereby offsetting the decline in orders from private players. Our valuation model suggests an upside potential of 16.5% for the Company’s stock price from the current market price of Rs 617.1. We thus, upgrade our rating from ‘Hold’ to ‘Buy’, ” says Indiabulls Securities’ research report.
Tags: abb, brokerage tips, hot stocks, Indiabulls Securities
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