Stock views on Oriental Bank of Commerce, Sanghvi Movers, Everonn Systems

Angel Broking on Everonn Systems - Target Rs 242
Angel Broking has recommended a buy rating on Everonn Systems with a price target of Rs 242 in its research report. "Everonn Systems recorded a strong 49.5% yoy growth in its consolidated Revenues in 3QFY2009 to Rs 43.5 cr (Rs 29.1 cr). We expect Everonn to record robust CAGRs of 68% and 61% in Top-line and Bottom-line respectively, over FY2008-10E. Given the company’s strong growth trajectory and the fact that it has consistently out-performed our estimates, apart from its strong positioning to leverage on the significant opportunities for growth prevalent in the Indian Education Sector, we upgrade the stock from Neutral to buy, with a target price of Rs 242, implying a P/E of 11x FY2010E EPS," says Angel Broking's research report


Asit C. Mehta on Sanghvi Movers - Target Rs 84

Asit C. Mehta has maintained its buy rating on Sanghvi Movers with a target of Rs 84 in its research report. "Net Sales increased from Rs 644.0 million in Q3 FY08 to Rs 887.5 million in Q3 FY09, registering Y-o-Y growth of 37.8%. Net profit margin have decreased from 27.6% in Q3 FY08 to 27% in Q3 FY09 despite higher EBIDTA margins due to higher cost of borrowings. We continue to maintain our BUY recommendation and a target price of Rs 84, which is equivalent to a forward P/Bv of 0.8x to its FY10E Book value of Rs 105," says Asit C. Mehta's research report.


Karvy Stock Broking on Oriental Bank of Commerce - Target Rs 213


Karvy Stock Broking has maintained its buy rating on Oriental Bank of Commerce with a target price of Rs 213 in its research report. "In Q3FY09, Oriental Bank of Commerce reported NII growth of 41% (Y/Y) to Rs 5.7 billion compared to our estimates of Rs 5.3 billion; higher than our estimates mainly due higher yield on advances and contained cost of deposits. We decrease our target price by 4.8% to Rs 213 and maintain our BUY rating on the stock with a target price of Rs 213 at 0.8x FY2010 adjusted BV. At current price the stock quotes at 0.49x ABV FY2010,' says Karvy's research report.