Reiterate 'Buy' on Adhunik Metaliks for target of Rs 171/sh: ICICI
ICICI Securities has maintained ‘Buy’ recommendation on Adhunik Metaliks for target of Rs 171 per share.
By ET Bureau |
MUMBAI: ICICI Securities has maintained ‘Buy’ recommendation on Adhunik Metaliks for target of Rs 171 per share.
“Adhunik Metaliks continued to surprise positively, beating our standalone and Orissa Manganese and Mining’s profit estimates 30% and 20% respectively. Consolidated EPS in Q1FY11 was at Rs 4.6 per share, which sets the stage for surpassing our FY11E EPS estimate of Rs 14.2/share.
Realisations have helped AML’s cause in Q1FY11. Blended realisation in steel soared 11% QoQ and 28% YoY, helping to make up for the industry-wide sluggishness in volumes.
Manganese realisations soared 95% QoQ to Rs9,365/te (I-Sec full year: Rs5,500/te) and iron ore lump realisation rose 21% QoQ to ~Rs2,950/te (I-Sec full year Rs2,345/te).
We reiterate ‘BUY’ with a target price of Rs 171/share,” the report said.
“Adhunik Metaliks continued to surprise positively, beating our standalone and Orissa Manganese and Mining’s profit estimates 30% and 20% respectively. Consolidated EPS in Q1FY11 was at Rs 4.6 per share, which sets the stage for surpassing our FY11E EPS estimate of Rs 14.2/share.
Realisations have helped AML’s cause in Q1FY11. Blended realisation in steel soared 11% QoQ and 28% YoY, helping to make up for the industry-wide sluggishness in volumes.
Manganese realisations soared 95% QoQ to Rs9,365/te (I-Sec full year: Rs5,500/te) and iron ore lump realisation rose 21% QoQ to ~Rs2,950/te (I-Sec full year Rs2,345/te).
We reiterate ‘BUY’ with a target price of Rs 171/share,” the report said.
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