Stock Views on CESC, Emco, ICICI Bank

Angel on ICICI Bank - Target Rs 888

Angel Broking has maintained its buy rating on ICICI Bank with a target price of Rs 888 in its research report.

"The Bank’s Balance Sheet contraction continued, with advances declining by 9% and deposits by 4%, sequentially. Moreover, the Bank’s NIMs declined sequentially by 20bp, which the management explained was partly on account of low-yielding priority sector loans contracted towards the end of 4QFY2009, and partly on account of investments in low-yielding assets during 1QFY2010. We maintain a 'Buy' on the stock, with a target price of Rs 888, implying an upside of 17%," says Angel's research report


India Capital Markets on Emco - Target Rs 108

India Capital Markets has recommended a buy rating on Emco with a target price of Rs 108 in its research report. "Emco Limited registered a growth of 5.1% in revenues during Q1FY10 to Rs 1926 million as against Rs 1833 million in the same quarter last year. Emco Limited’s Q1FY 10 results were below our expectations in terms of revenue and profitability. We introduce our FY 11 numbers. The current order book position of the company provides decent visibility for the entire current financial year, also the government emphasis on the power sector as a whole will help provide decent revenue and earnings opportunity for the company in the near future and therefore we upgrade our rating and recommend 'BUY' rating to the stock with a target price of Rs 108 (9x its FY 11E earnings) i.e. a potential upside of 20% from the current price levels," says India Capital Markets' research report.

Angel on CESC - Target Rs 449

Angel Broking has maintained its buy rating on CESC with a target price of Rs 449 in its research report.

"CESC grew its net revenue by 4.7% yoy to Rs 820 crore (Rs 783 crore) in 1QFY2010, which was in line with our estimates. We expect CESC to record a CAGR of 13.9% in its top-line over FY2009-11, while the bottom-line would post a CAGR of 5% in the mentioned period. We have also assigned a FY2011E P/BV multiple to the company’s existing Power business at 1.25x, which is lower than its peers. Hence, we have arrived at a sum-of-the-part (SOTP) target price of Rs 449. Therefore, considering that the company is inexpensive on FY2011E P/BV basis, we maintain a 'Buy' on the stock," says Angel's research report.