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Buy TRF, target of Rs 692: Emkay Global

Posted on: May 26th, 2009 and is filed under Brokerage Recommendations.

Emkay Global Financial Services has maintained its buy rating on TRF with a price target of Rs 692 in its report dated May 25, 2009.

“TRF gave positive surprise in Q4FY09 with better-than expected operational performance. Its revenues grew by 41% yoy to Rs 2.4 billion led by sustained pick up in order booking in Project division, operating margins up 210 bps yoy to 15.5%, net profit growth at 55% yoy to Rs 239 million. TRF is sitting on strong order backlog of Rs 13.6 billion, up 33.5% yoy basis. There is ‘Project’ to ‘Product’ mix of 98:2, in favor of Project Orders. We revise our consolidated FY10E earnings upwards by 10.7% to Rs 104.9/Share and introduce FY11E earnings of Rs125.9/Share. We maintain our ‘BUY’ rating with revised target price of Rs 692, valuing at 6X 1-year forward PER,” says Emkay Global Financial Services’ research report.

source: MOneycontrol

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