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Buy Mazda, target of Rs 60: Sunidhi Securities & Finance

Posted on: May 4th, 2009 and is filed under Brokerage Recommendations.

Sunidhi Securities & Finance has recommended a buy rating on Mazda with a target price of Rs 60 in its May 04, 2009 research report.

“During Q4FY09, sales surged by 43.7 per cent to Rs 24 crore and net profit by 50 per cent to Rs 2.7 crore. Q4FY09 EPS stands at Rs 6.6. OP & NP margin during Q4FY09 stood at 19.2% and 11.3% respectively against 17.4% and 10.8% in Q4FY08. ML is expecting to maintain its growth in the engineering sector with secured orders from companies like Reliance, Triveni, Siemens and L&T which will improve the revenue growth. It has developed strong technical base and is gaining confidence levels of customers for their developments of new designs and new application in engineering products. We recommend BUY with a target price of Rs 60 in the medium term,” says Sunidhi Securities & Finance’s research report.

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