Stock Views on C C Constructions, Rico Auto, LT

PINC Research on C & C Constructions - Target of Rs 170
PINC Research has maintained its buy rating on C and C Constuctions with a target of Rs 170 in its October 8, 2008 research report. "At the CMP of Rs 120, C&C trades at a P/E of 3.1x and EV/EBIDT of 3.2x its FY10E earnings. We value C&C’s core business operations at Rs 130 (3.3x FY10E EPS of Rs 38.6) and its 49% stake in Kurali Kiratpur BOT at Rs 40 per share. Thus, on a SOTP basis we arrive at Rs 170 per share as the fair value of the stock. Hence, we maintain our ‘BUY’ recommendation on the stock with a revised 12-month price target of Rs 170," says PINC's research report.

Angel Broking on Rico Auto - Target of Rs 18

Angel Broking has upgraded its rating on Rico Auto from neutral to accumulate with a target of Rs 18 in its October 3, 2008 research report. "At current levels, Rico is reasonably valued compared to its peers. Rico's appetite for organic growth appears high, but the pace may be slower than expected due to slow down in the Automobile sector and overseas market. Nonetheless, news flow on growth initiatives and fair valuations, makes us positive on the stock. We assign a Target multiple of 2.5x FY2010E EV/EBITDA and 6x FY2010E consolidated Earnings to the stock. We upgrade the stock to Accumulate from Neutral, with a Target Price of Rs 18," says Angel Broking's research report.

ULJK Securities on L & T - Target of Rs 1270

ULJK Securities has recommended a buy rating on Larsen and Toubro (L&T) with a target of Rs 1270 in its October 13, 2008 research report. "We measure the L&T standalone using the price earnings multiple methodology. On standalone basis we understand the company will grow its revenue at a CAGR of 30% by FY 2010E. The net profit of the company will grow to Rs 35,247 million in FY 2010E registering an EPS of Rs 60.23 for the year. The target price of Rs 1,270 per share encompasses a subsidiary valuation of Rs 186 per share. Further more, demerger of L&T Finance, L&T IDPL and L&T IT will unlock the value from the consolidated L&T, We assign buy rating to L&T," says ULJK Securities' research report.