Thursday 17 September 2009

Buy Tourism Finance, target of Rs 30: Sharekhan

Sharekhan has maintained its buy rating on Tourism Finance Corporation of India (TFCI) with a price target of Rs 30 in its report dated September 16, 2009.

"Despite certain near-term challenges for growth, in view of the current industry scenario and the recent developments, we believe the medium to long-term outlook for the industry continues to remain positive. We are fine-tuning our estimates to factor in the details from the annual report. At the current market price of Rs 23.4, Tourism Finance Corporation of India (TFCI) trades at 6.5x its FY2010E adjusted EPS of Rs 3.6 and 0.6x its FY2010E book value of Rs 38.2. We maintain our 'Buy' recommendation on the stock with a price target of Rs 30," says Sharekhan's report.

Source: Moneycontrol

Posted by Harsh at 07:21

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