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BSE   19 Jul 18 | 04:01 PM

391.00 -4.8 (-1.21%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: 522249
Face Value: N.A.

NSE   19 Jul 18 | 03:57 PM

389.25 -5.25 (-1.33%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: MAYURUNIQ
Performance
1 Week : Rs 413.00 (-5.33%)
1 Month : Rs 445.30 (-12.19%)
1 Year : Rs 369.25 (5.89%)
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Fundamental Calls: ING Vysya Bank, Mayur Uniquoters

Anand Rathi Research / Mumbai 16 Sep 13 | 08:12 AM

ING Vysya Bank - Steady growth, improving productivity, stable asset quality; Buy. Factoring in higher short-term interest rates, we trim our PAT 3.9% and 3.5% for FY14e and FY15e, respectively. On lower RoE, we cut our target price to Rs 689 and value the bank at 1.8x FY14e BV (1.9x earlier). However, faster-than-system credit growth, improving productivity and sound asset quality could aid expansion of RoA to 1.5% by FY16 (1.2% in FY13). We reiterate Buy. Our target is based on the two-stage DDM.


Mayur Uniquoters - Expansions and backward integration to drive growth; Buy. We believe the increase in the proportion of export revenue in the next 12-18 months and backward integration are likely to improve margins and revenue growth. We value the stock at 12x FY14e PE to arrive at a target of Rs 590. At the current market price of Rs 457, the stock trades at a PE of 9.3x FY14e EPS of Rs 49




Source: Anand Rathi Research

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