Tuesday 4 November 2008

Buy ABG Shipyard, target of Rs 278: Angel

Angel Broking has maintained its buy rating on ABG Shipyard with a target of Rs 278 in its November 3, 2008 research report. "ABG Shipyard (ABG) released its 2QFY2009 results and the Top-line rose by 32.3% to Rs 280.2 crore. The Net Profit of the company declined by 28.5% during the quarter to Rs 27.2 crore (Rs 38.0 crore)."

"At CMP the stock trades at 2.3x and 0.5x its FY2010E EPS and BV respectively, which we believe is fairly attractive. However, in view of the current macro scenario, we have downgraded our Target Multiple for the stock from 8x to 5x. We maintain a Buy with a Revised 18-month Target Price of Rs 278 (Rs 446)," says Angel Broking's research report.

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Source: Moneycontrol

Posted by Harsh at 09:58

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