HDFC Securities neutral on Mercator Lines
HDFC Securities has maintained its neutral rating on Mercator Lines in its February 24, 2009 research report. “MLL’s results were as per our expectations and most of the fleet is on long term charter. At the CMP of Rs 27, the stock is trading at 2.5x and 2.6x its FY09E and FY10E earnings respectively. We remain neutral on the company because 46% of the revenue is contributed by the dry bulk segment, while the tanker segment looks positive only for the near to medium term, with its fleet from both segments to be re-priced in the spot market. The contribution from dredgers and coal sales will be stable but the company has to service the high debt of Rs 21 billion as on FY08 (debt to market cap is 2.8),” says HDFC Securities’ research report.
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