Thursday, January 20, 2011

Sintex Result Update

Sintex is one of the largest Private sector providers of Plastic & related products in India and has strong footing in 9 countries across Europe, America, Africa and Asia directly or through its subsidiaries. The company's acquisition of Durha Construction shall only strengthen its base in the high growth monolithic construction space in the country.
Over the past three months the stock has fallen more than 30% from its high of Rs 237 in Nov. Currently at the Trailing market price of Rs 165, the stock is trading at 11X and 9.3X its FY 11E and FY 12E, EPS of Rs 15 and 17.7 respectively which we feel attractive. We continue to value the company at 13X, FY 12E and maintain our “Accumulate” rating on the stock with a modified Target of Rs 230 in Twelve Months.

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