Monday, 17 November 2008

ABG Shipyard an outperformer: has rated ABG Shipyard as an outperformer with a target of Rs 160, in its November 17, 2008 report. "ABG trades at 3.5x FY09E earnings and 2.2x FY10E earnings. Concerns of global economic growth slowing down and the credit crunch have led to decline in stock prices of shipbuilding companies. ABG’s order book in excess of 10x FY08 revenues provides sustained revenue visibility, but concerns of current global trade slowdown and the renewal of subsidy by the Government of India prevail. We value ABG at a 30% discount to global average at 4.21x CY09E earnings, with a revised lower target price of Rs 160, an upside of 38% from current level. Outperformer," says's research report.

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Source: Moneycontrol

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