Buy CRISIL, target of Rs 3650: Emkay Global
Emkay Global Financial Services has recommended a buy rating on CRISIL with a price target of Rs 3,650 in its March 5, 2009 research report.
“CRISIL’s CY08 numbers were in line with our expectations. The operating revenues have grown by 31%yoy to Rs 5.3 billion. The reported net profit at Rs 1.4 billion has grown by 67.7% yoy. However Q4CY08 performance was moderate on account of slower growth in advisory business, Forex losses and one-time expenditure. The reported operating margins contracted by 266bps yoy and 1,630bps sequentially to 27.4% during the quarter on account of higher employee expenses, goodwill write off and Forex loss during the quarter.”
“The stock is currently quoting at 9.3x CY09E EPS, The company has declared a total dividend of Rs70 per share (including Rs 35 per share interim) reflecting a dividend yield of 3.3%. We maintain our BUY recommendation with price target of Rs 3650,” says Emkay Global Financial Services’ report.
source: Moneycontrol
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