Tuesday, 18 November 2008

Buy C and C Constuctions, target of Rs 137: KRChoksey

KRChoksey Research has maintained its buy rating on C and C Constuctions with a target of Rs 137 in its November 14, 2008 research report. "Company’s sales increased by 162% yoy to Rs 129 crore on the back of strong order book position. PAT was flat at Rs 4.95 crores. We have revised our sales estimates for the year upwards by 8.6% due to fresh inflow of orders. However, we anticipate slowdown in order execution thus affecting the topline. The EBITDA margins have been maintained owing to falling commodity prices. An increase in debt levels of the company is anticipated, which will impact the PAT margins of the company. We therefore downgrade our target price from Rs 265 to Rs 137, maintaining a BUY rating, with an upside potential of 25.6%," says KRChoksey's research report.

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Source: Moneycontrol

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