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Buy JSW Steel, target of Rs 525: PINC Research

Posted on: May 9th, 2009 and is filed under Brokerage Recommendations.

PINC Research has recommended a buy rating on JSW Steel with a price target of Rs 525 in its May 08, 2009 research report.

“JSW Steel (JSW) reported net sales of Rs 32.3 billion for Q4FY09, a YoY decline of 9%. The drop was primarily due to the 15% decline in average realisations at Rs 27.9k/mt. The marginal increase in sales volume of 5% to 1.1 mn mt arrested the decline in sales. Operating profits were down by 61% to Rs 3.2 billion due to the high cost inventory while net profits slid 87% to Rs 492 mn as a result of higher capital charges.”

“The current stabilisation in steel prices coupled with lower raw material prices of iron ore and coking coal set to trickle in, JSW is best placed to take advantage of its expected volume growth from the newly commissioned capacities. We recommend a ‘BUY’ on the stock with a 12-month price target of Rs 525,” says PINC’s research report.

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