Buy Assam Company, target of Rs 21: Sushil Finance
Sushil Finance has recommended a buy rating on Assam Company, ACL with price target of Rs 21, in its report dated June 22, 2009.
“ACL is one of the leading producers of the most exquisite, high-quality, premium tea. The Company operates through 17 tea estates and gardens with planted area of about 8644.2 hectares on a grant area of 14663.8 hectares. The average yield per hectare stands at 1983 kgs. The Company manufactures around 17 mn kgs of tea and being a bulk manufacturer, 95% of the operations are undertaken through B2B route. The company also has invested in Austin Exploration Ltd., a company having interest in oil & gas blocks in Australia and USA. The company is expected to deliver very decent earnings growth from oil and gas segment. The stock currently trades at 11x its FY10E fully diluted equity earnings and 1.0x BV. Buy the stock with target of Rs 65,” says Sushil Finance’s report.
source: Moneycontrol
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