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.

Stock Views on Puravankara Projects, Rolta India, Great Offshore, Sanghvi Movers

Karvy on Puravankara Projects - Buy Target of Rs 302

Karvy Stock Broking has maintained its buy rating on Puravankara Projects with a target price of Rs 302 in its August 12, 2008 research report. "Puravankara declared its 1Q FY09 results which were lower than our expectations. Net sales increased by 31% YoY and 2% QoQ as against our expectations of 58% YoY and 24% QoQ. Net profits for the quarter rose by 41% YoY as against our expectations of 52% on account of lesser than expected share coming from associates."

"Puravankara stands to benefit in the long run. We have revised our price target on Puravankara to Rs 302 per share valuing the company at a 15% discount to our FY10E NPV (Net Present Value) of Rs 356 per share maintaining a BUY at current levels," says Karvy's research report.

Hem Securities on Rolta India - Buy Target of Rs 390

Hem Securities has initiated a buy rating on Rolta India with a target of Rs 390 in its September 10, 2008 research report. "Being one of the pioneer IT companies of the country, Rolta has been on a growth trajectory with its top line and bottom line growing with a CAGR of 37.26% and 36.96% respectively. Presently, the stock is trading at Rs 331.75 which is at 20.30 times to its earnings of Rs 16.34 and 4.51 times to its book value of Rs 73.60. Since the stock seems to offers extremely good investment opportunities, we initiate a ‘BUY’ signal on the stock with a target price of Rs 390 in medium to long term investment horizon expecting an appreciation of about 18% from the current level of Rs 331.75," says Hem Securities' research report.

ULJK Securities on Great Offshore - Buy Target of Rs 664

ULJK Securities has recommended an accumulate rating on Great Offshore with a target of Rs 664 in its September 9, 2008 research report. "Sales are expected to grow at a CAGR of 32% and profit is expected to grow by 21% over FY08-FY10E as contracts are expected to be done at higher day rates. Its EPS is seen at Rs 59.6 in FY09E and at Rs 80.4 in FY10E. At a CMP of Rs 543, the stock trades at a P/E of 9x & 6.6x its FY09E & FY10E earnings respectively. It is trading at EV/EBITDA multiples of 6.5x F2009 and 4.9x F2010. Based on the DCF methodology, we arrive at a share price of Rs 664. We recommend an accumulate rating on the stock with a target of Rs 664," says ULJK Securities' research report.

SKP Securities on Sanghvi Movers - Buy Target of Rs 340

SKP Securities has recommended buy rating on Sanghvi Movers, with 9-month target price of Rs 340, in its report dated September 9, 2008.

“Considering Sanghvi’s dominant position in the crane-hiring business, we believe that it is one of the best proxy plays on the infrastructure boom. With 5 major clients (fast growing capital goods and construction companies) contributing around 70% -75% of the revenues and its cranes being booked for the next 12 to 18 months ensures strong revenue visibility in the forthcoming quarters. Going ahead, factors like demand supply gap, improving rentals and effective utilization will witness SML's topline to grow at a CAGR of 32%. At the current market price of Rs 216.55, the stock is trading at 7.38x FY10E earnings of Rs 29.36. We have taken the avg of P/E and DCF valuations to reach our target price and recommend a buy to the stock with a 9-month target price of Rs 340", says the report