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Buy Opto Circuits India, target of Rs 528: Karvy
May, 28th 2008

Karvy Stock Broking has maintained its buy rating on Opto Circuits India with a target price of Rs 528 in its May 27, 2008 research report. "We expect Opto Circuits (Consolidated) to report 1% (QoQ) growth in net sales to Rs 1286 million. The revenue of the company continues to be driven by major products like disposable sensors and stents. We expect tax would increase from Rs 4 million in Q3FY08 to Rs 27.5 million in Q4FY08 due adjustment in tax. Accordingly, the net profit is expected to decrease by 10.6% to Rs 319.6 million over Q3FY08."

"We maintain our consolidated net sales and net profit estimates for FY08 & FY09 of Rs 4762 million and Rs 7222 million and Rs 1296 million and Rs 2015 million respectively. At the current market price of Rs 331 the stock is trading 24.4x FY08E and 15.7xFY09E expected earnings. We maintain our target price of Rs 528 and rate the stock as a BUY," says Karvy's research report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

 
 
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