Wednesday, June 18, 2008

Stock Idea: Mcnally Bharat Engineering

Emkay Research has maintained its buy rating on Mcnally Bharat Engineering with a target price of Rs 255 in its June 17, 2008 research report. "We continue to maintain a positive view on MBE considering its presence in all industry verticals with varied product and solutions offerings. We believe that MBE with its all round capabilities will be a principal beneficiary of ongoing investment supercycle."
"Our core argument of (1) changing order book mix in favor of steel and mineral vertical and (2) aggression in product business are playing out, thus reinforcing our positive stance. At CMP of Rs 149, the stock is trading at 17.1X FY2008, 11.0X FY2009E and 7.8X FY2010E earnings of Rs8.7, 13.5 and 19.1 per share respectively (standalone earnings). We maintain our BUY rating with a target price of Rs 255," says Emkay's research report.


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