Emkay Broking > : Berger paints | Motherson | Punj Llyod
Deepak Vaishnav
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Berger Paints |
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Progress… Maintain ACCUMULATE |
ACCUMULATE
CMP: Rs108 Target Price: Rs109
n Standalone volume disappoints, but gross margins expand and Ebidta margins intact at 10.4%... swinging positive surprise… APAT at Rs430 mn + 17% yoy, above expectation
n Domestic volume growth in the decorative paints segment moderates to 8-10% for the quarter, but market shares retained
n Seasonally strong quarter for Bollix, SA… Subsidiaries churns APAT growth of 68% yoy, Even Consol APAT at Rs493 mn up 21.7% yoy, stays ahead of expectations
n Retain our FY12E and FY13E EPS of Rs 5.1/share and Rs 6.2/share, respectively. Maintain ACCUMULATE rating with target price of Rs 109/share
Regards,
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Pritesh Chheda |
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Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email: pritesh...@emkayglobal.com |
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Board No. : +91- 22- 6612 1212 | Extn. : 273 | DID : +91-22- 6612 1273 | Mob : +91 98208 07241 |
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Sweta Jain |
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Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : sweta...@emkayglobal.com |
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Board No. : +91-22-6612 1212 | Extn. : 479 | DID : 6624 2479 | Mob : +9198923 17596 | |
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Motherson Sumi Systems Ltd. |
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In a gestation phase, Retain ACCUMULATE |
ACCUMULATE
CMP: Rs177 Target Price: Rs210
n Results abv. est. with Sales/EBITDA/APAT at Rs 23bn/ 2bn/ 986mn vs est. of Rs 22.7/1.9bn/806mn. However, SMR disappoints with adjusted margins at 3.3%
n SMR margins to remain subdued as new Hungary plant is in gestation phase (utilization at <5%). Low utilization level to continue in H2FY12
n Expect margin uptick with commencement of ~Euro 800mn order in FY13. Lower our FY12/13 EPS by 11%/1% to Rs 10.4/ Rs 15.5
n Retain ACCUMULATE but lower our target multiple to 13.5x PER to factor in lower asset utilization and rising macro headwinds for demand
Regards,
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Chirag Shah |
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Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : chira...@emkayglobal.com |
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Board No. : +91-22-66121212 | Extn. : 252 | DID : 66121252 | Mob : +919820580701 | |
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Punj Lloyd |
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Stable operating performance… But reiterate HOLD |
HOLD
CMP: Rs59 Target Price: Rs63
n Punj reports net profit of Rs0.3 bn – Led by (1) healthy revenue growth at 20% yoy (2) EBITDA margins at +8% for 3rd consecutive quarter and (3) forex gains – above estimates
n YTD secures Rs103 bn orders – or 88% of FY12E target. Shares encouraging outlook for domestic offshore and international orders
n Debt rises 10% to Rs51.5 bn; DER up to 1.62X. Arbitrations remain unresolved – over-shadowing stable operating performance of past 3 quarters
n See no re-rating catalysts. Reiterate Hold rating with price target of Rs63 per share
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Prerna Jhavar |
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Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : prerna...@emkayglobal.com |
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Board No. : +91-22-6612 1212 | Extn. : 337 | DID : 6612 1337 | Mob : +91981935 0593 | |
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