Expect 41% Upside in FAG Bearings: R Kapadia

Resource from: CBCC Likes:2939

Jul 31,2008

Ranjit Kapadia of Prabhudas Lilladher is of the view that one can expect 41% upside in FAG Bearings India. Kapadia told CNBC-TV18, "My price objective for FAG Bearings India is more than Rs 541; the stock is currently trading at Rs 384, which gives about 41% upside from the current level. The stock has not performed well during the quarter, it has shown 15% topline growth, margin has declined by 190 bps but the margin decline is mainly because of the raw material cost mainly the metals. So that is going to soften over the remaining two quarters as we feel and the bottomline growth for the quarter was 9% around Rs 212-231 million. Currently the stock is trading at 7.4 times calendar year ?8 and 5.8 times calendar year.

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