HDFC Securities has maintained its buy rating on Sintex Industries (SIL) with an 18-month target of Rs 792 in its October 14, 2008 research report. "Revenues and profits of SIL are expected to grow at a CAGR of 56% and 68% between FY08-10E. We expect it to re-rate positively and when coupled with the underlying earnings growth, should deliver significant out performance to investors in the long term."
"We believe that the overall business momentum of the company remains robust. However, the stock has significantly corrected owing to bad equity market conditions and to that extent valuations have taken a hit. We maintain our BUY rating on the stock with a target price to Rs 792 over an 18-month period, based on the steep discount to its NAV and expected upside potential based on valuation re-rating," says HDFC Securities' research report.
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