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Sunday, September 26, 2010
Cantabil Retail IPO - Apply or Not ?
Investors may avoid subscribing to the initial public offer of retailer Cantabil Retail. The offer values the company at 15 times the per-share earnings of FY10 at the higher end of its price band of Rs 127-135, and 13 times estimated FY11 earnings.
Ashoka Buildcon IPO - Apply or Not ?
Investors may subscribe to the initial public offer of infrastructure player Ashoka Buildcon. At the upper end of its price band of Rs 297-324, the offer discounts FY-10 consolidated earnings by 22 times and estimated FY-11 earnings by 14 times. Larger players in this space such as Jaypee Infratech and IRB Infrastructure trade at valuations of 21-22 times the trailing earnings. However, Ashoka may have scope for higher growth.
Tecpro Systems IPO - Apply or Not ?
An established track record of project execution, quality order book and technical collaboration with international players, besides high trajectory of earnings growth strengthen the prospects of material-handling player Tecpro Systems. Investors with a two-year perspective can consider investing in the initial public offer of Tecpro. The offer price of Rs 340-355 discounts the company's consolidated per share earnings estimated for FY-11 by 12-13 times. The valuation is at a good discount to peers such as McNally Bharat Engineering and TRF.
VA Tech Wabag IPO - Apply or Not ?
Investors with a long-term perspective can consider subscribing to the initial public offer of VA Tech Wabag (VA Tech), an Indian water solutions provider with a multinational presence. Well-entrenched in the high-potential water-treatment business, strong foothold in developing nations, sound financials and debt-free status buttress our recommendation.
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