Buy Sunil Hitech, target of Rs 111: Angel Broking
Angel Broking has a buy recommendation on Sunil Hitech with target price of Rs 111 in its February 24, 2009 research report. “Sunil Hitech Engineers (SHEL), enjoys a strong order book position of Rs 1,298 crore or 4x its FY2008 revenue. This strong order book position provides high revenue visibility for the company over the next two years. Over FY2008-10E, we expect SHEL’s net revenue to clock a CAGR of 45% on a robust order book size of Rs 1,298 crore. We expect the company’s operating profits to post a CAGR of 37% to Rs 92.4 crore during the mentioned period. Going ahead, we expect the company to post 23% CAGR in net profit on the back of better operational performance and decline in Interest rates. We initiate coverage on the stock, with a Buy recommendation and Target Price of Rs 111, implying an upside of around 76% from current levels,” says Angel Broking’s research report.
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