Fairwealth Sec on Tata Chemicals, target Rs 330
"The company has plans to invest Rs 250 crores in Capex this year. Of this, Rs 50 crore would go into setting up a customised fertiliser plant in the Barbala plant in Uttar Pradesh in 2010. Rest of it would be utilized general maintenance work While margins might get impacted for overseas Operations (Soda Ash Busines), Indian Operations are expected to run smoothly for the company. We give company a buy on strong Balance Sheet and revenue visibility in the long term. We give stock a buy with a target price of 330 over a period 6 months to 1 year," says Fairwealth Securities' report.
KRChoksey on Tata Steel, target of Rs 467
The company has guided a growth of 20-25% for its Indian operations, with a thrust on infrastructure in the upcoming budget. The domestic demand is expected to remain robust. Steel prices have started moving upwards due to restocking. The demand in Europe is also showing some revival, however clarity on demand is expected by Q2FY10.Going forward we expect the company to perform better due to better realizations, cost saving measures at Corus & better performance from Indian operations.
At current CMP of Rs 397 stock is trading at forward FY10 PE of 8.4 and FY11 PE of 4.9 . Forward EV/EBITDA stands at 7 for FY10. We recommend a 'BUY' on the stock with a one year target price of Rs 467," says KRChoksey's research report.
KRChoksey on Sun TV, target of Rs 294
Sun TV Network is currently trading at 26.2x its FY09 EPS of Rs 9.4, which is premium to its peer and deserve the premium valuation because of its unique business model (time slot model), highest operating margin as compared to its peers, strong balance sheet which has an cash position of Rs 400 crore. We believe company has a better placed than its peers because of its less dependent of advertising on national front and strong movie pipeline for FY10. Thus, we recommend a “BUY” on the stock with a target price of Rs 294, which represents a potential upside of 20%," says KRChoksey's research report.
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