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Buy Opto Circuits, target of Rs 243: Karvy

Posted on: June 23rd, 2009 and is filed under Brokerage Recommendations.

Karvy Stock Broking has maintained its buy rating on Opto Circuits, with price target of Rs 243, in its report dated June 23, 2009.

“We maintain our consolidated net sales and net profit estimates for FY10 of Rs 11,140 million and Rs 2,492 million respectively. Although, the company has reported EBITDA margin expansion of 235 basis points in FY09 to 31.7% over previous year, but we maintain our EBITDA margin estimates for FY10 at 28.5%. This will be on account of increase in raw material and administration & marketing cost. The stock is currently trading at a P/E of 12.5x on FY09E EPS of Rs 12.8, and 10.5x on FY10E EPS of Rs 15.2. We maintain our ‘BUY’ rating on the stock with price target of Rs 243 on 16x FY10E estimated earnings,” says Karvy Stock Broking’s report.

source: Moneycontrol

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