Ambit Capital maintains ‘buy’ on OnMobile Global
By ET Bureau |
OnMobile Global
cmp: Rs 214
target price: Rs 330
Ambit Capital has maintained a ���buy��� rating on OnMobile Global while lowering the price target after the company revised its internal growth guidance apart from delaying the launch of its new product (AdRBT). ���With the deteriorating macro-economic scenario and extenuating market condition, OnMobile Global management has revised its internal growth guidance to 50-55% as against the earlier guidance of 60-65%,��� says the report.
It further adds that the delay in rollout of AdRBT and a slower VAS deployment by clients have further negatively impacted estimates. According to the report, the company reported a muted performance during Q2FY09 with net profit growing by 21% Q-o-Q to Rs 183.5 million as against Rs 151.7 million sequentially. ���OGL also guided for a lower net margins down from earlier 20-22% to 20-21% for FY09e,��� says the report.
target price: Rs 330
Ambit Capital has maintained a ���buy��� rating on OnMobile Global while lowering the price target after the company revised its internal growth guidance apart from delaying the launch of its new product (AdRBT). ���With the deteriorating macro-economic scenario and extenuating market condition, OnMobile Global management has revised its internal growth guidance to 50-55% as against the earlier guidance of 60-65%,��� says the report.
It further adds that the delay in rollout of AdRBT and a slower VAS deployment by clients have further negatively impacted estimates. According to the report, the company reported a muted performance during Q2FY09 with net profit growing by 21% Q-o-Q to Rs 183.5 million as against Rs 151.7 million sequentially. ���OGL also guided for a lower net margins down from earlier 20-22% to 20-21% for FY09e,��� says the report.
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