Sell Ambuja Cements, target of Rs 53: HDFC Securities
HDFC Securities has maintained its sell rating on Ambuja Cements with a price target of Rs 53 in its February 26, 2009 research report. “ACEM has planned to increase installed capacity by 5.5 tm in different stages during CY09 and CY10. Even though we expect the entire capacity to get commissioned by H1CY10, it may not result in a sales volume growth due to our expectation of a demand-supply mismatch.We expect the capacity utilization rate of ACEM to decline to 81% in CY09 and 77% in CY10 against 95% in CY08 as we believe the company will perform in line with the industry. We expect the margins of the company to remain stable in CY09; but it could decline by 506 bps to 23.8% in CY10E. We maintain our Sell rating on the stock with a price target of Rs 53 (downside of 22% from its CMP),” says HDFC Securities’ research report.
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