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Buy Jindal Saw, target of Rs 476: Sharekhan

Posted on: April 1st, 2009 and is filed under Brokerage Recommendations.

Sharekhan has maintained its buy rating on Jindal Saw with a price target of Rs 476 in its March 31, 2009 research report. “Jindal Saw Ltd’s (JSL) Q4CY2008 numbers are ahead of our expectations on the back of an exceptionally strong top line. With the hive-off of the US division, the results are not strictly comparable with the same quarter of the last year.

The revenues declined by 3.9% year on year (yoy) but marked a growth of 4.2% quarter on quarter (qoq) to Rs 1,548.1 crore. For the full year, the company reported revenues of Rs 5,003.3 crore and profits of Rs 342.3 crore on a stand-alone basis.”

“On a consolidated level, the company has reported revenues of Rs 5,356.7 crore and net profits of Rs 326.3 crore, a little lower than the stand-alone numbers, mainly on account of losses of about Rs 15 crore incurred in Jindal Waterways. We maintain our ‘Buy’ recommendation on the stock with a revised price target of Rs 476 (6x CY2009E earnings),” says Sharekhan’s research report.

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