Karvy on SBI - Target Rs 1559
Karvy Stock Broking has maintained its buy rating on State Bank of India (SBI) with a target price of Rs 1559 in its October 31, 2008 research report. "In 2QFY09, State Bank of India's net interest income grew by 45% (Y/Y) to Rs 54.5 billion much higher than our estimates (of Rs 45.6 billion) mainly due to much higher credit growth and higher yield on advances. SBI's net profit reported 40% jump (Y/Y) to Rs 2.6 billion growth due to reversal in investment depreciation. We reiterate BUY rating with a price target of Rs 1559," says Karvy's research report.
SBICAP Securities on PSL - Target of Rs 181
SBICAP Securities has maintained its buy rating on PSL with price target of Rs 181 in its November 21, 2008 research report. "At the CMP of Rs 95, PSL is trading at a PE of 2.8x and 2.1x its FY08E and FY09E earning respectively. EV / EBITDA is at 3.9x and 3.2x FY08E and FY09E respectively. We initiate coverage on PSL with a buy rating and 12 month price target of Rs 181 implying an upside of 90%," says SBICAP Securities' research report.
Karvy on Balrampur Chini - Target of Rs 55
Karvy Stock Broking has recommended a buy rating on Balrampur Chini Mills with a target of Rs 55 in its December 4, 2008 research report. "Balrampur Chin Mill (BCML) reported revenue increase of 40.8% YoY (QoQ increase of 30.2%) to Rs 4.11 billion mainly on account of higher sugar and distillery revenue in the Q4FY08. The company reported profit of Rs 145 million translating into EPS of Rs 0.57 for the quarter."
"The company is expected to report loss of Rs 240 million in FY09 and profit of Rs 1.26 billion in FY10. We have assumed cane cost of Rs 140 per quintal in FY09 and Rs 148 per quintal in FY10. Considering lower profitability in sugar and uncertainty on cane cost, we continue our valuation based on replacement cost method. We are revising our valuation of EV/ Ton from Rs 0.35 million to Rs 0.3 million with target price of Rs 55 (Previous Rs 68), Buy," says Karvy Stock Broking's research report.
Prabhudas Lilladher Zee News - Target of Rs 57
Prabhudas Lilladher has recommended an accumulate rating on Zee News (ZNL) with a target of Rs 57 in its September 24, 2008 research report. "We expect the company to post 24% and 37% revenue and earnings CAGR, respectively in FY08-11E. The stock currently trades at 22.9x and 16.8x our FY09E and FY10E earnings estimates and remains one of the cheapest stocks in our broadcasting universe. We assume coverage on ZNL with a Accumulate rating and a target price of Rs 57," says Prabhudas Lilladher's research report.
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