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Buy SKF India, target of Rs 190: LKP Shares

Posted on: April 7th, 2009 and is filed under Brokerage Recommendations.

LKP Shares has recommended a buy rating on SKF India with an 18-month price target of Rs 190 in its April 04, 2009 research report. “SKF India is the 53.5% subsidiary of the Swedish bearing giant and is the largest bearing producer in India.

It derives 90% of its revenues from bearings comprising of ball and hub bearings, deep groove ball bearings, cylindrical roller bearings and tapered roller bearings. The balance 10% of revenues comes from its four new technology platforms like seals, lubrication systems, mechatronics and services. SKF India being the industry leader controls a 30% share in the Rs 50 billion bearing market in India.”

“SKF India with a strong balance sheet trades at 7xCY’09E and 5.7xCY’10E and we believe that a 15% correction in the stock price from current levels would be a good opportunity for gaining an entry into the stock with an 18-month price target of Rs 190. Over a longer time frame a revival in its key user industries could propel the stock to Rs 240 over a two-year time frame. ‘Buy’,” says LKP Shares’ report.

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