Emkay Global Views on CRISIL, ICRA, Sterlite Industries

Emkay Global Financial Services on CRISIL - Target of Rs 4150

Emkay Global Financial Services has recommended a buy rating on Credit Rating Information Services of India (CRISIL) with a target of Rs 4150 in its September 26, 2008 research report. "At CMP, the stock trades at 14.4x CY09E EPs. With strong earnings growth of 41% over CY07-09E and core RoE of 42%, we believe that CRISIL is an excellent investment opportunity. We have valued CRISIL at 18x CY09E EPS, giving a target price of Rs 4150, Buy," Emkay Global Financial Services' research report.

Emkay Global Financial Services on ICRA - Target of Rs 750

Emkay Global Financial Services has recommended a buy rating on ICRA with a target of Rs 750 in its September 26, 2008 research report. "At CMP, stock trades at 14.1x FY09E and 10.4x FY10 EPS. We expect its core RoE to improve to 27% in FY10 from 24% in Fy08. We therefore assign a target P/E multiple of 14.2x, over the company's FY10 EPS. Based on this multiple, we value ICRA stock at Rs 750, Buy," says Emkay Global Financial Services' research report.

Emkay Global Financial Services on Sterlite Industries - Target of Rs 637

Emkay Global Financial Services has maintained its buy rating on Sterlite Industries (India) with a target of Rs 637 in its September 26, 2008 research report. "Currently Sterlite is trading at EV/EBITDA of 2.4x our FY10 estimates, which includes assumptions of buyout of HZL and BALCO stake. At our target price, Sterlite will trade at EV/EBITDA of 3.2x FY10 estimates, a discount of almost 15% to the global base metal companies. We maintain BUY on the stock with revised target price of Rs 637 with an upside of 34% from the current level," says Emkay Global Financial Services' research report.