CMP: Rs770 Target Price: Rs742
TechM reports revenues of US$ 228 mn(+7.7% QoQ) V/s expectations of ~US$ 223 mn
Reported op margins at 25.2% (-180 bps QoQ) up 20 bps sequentially adjusted for Q4FY09 one off.
Top client woes continue with revenues from top client down marginally QoQ to GBP 75.9 mn. However are negatively surprised by management's stance on not sharing revenue contribution from the BTGS and the ANDES contracts (given deal payment terms). We would not be surprised by a negative reaction on the stock price from this.
Revise standalone EPS Estimates for FY10/FY11 to Rs 40.9/47.6 V/s Rs 41.9/45.9 earlier driven by change in tax rate assumptions
Consolidated base case EPS estimates revised to Rs 58.1/67.1 for FY10/FY11 (as against Rs 62.6 and Rs 67.5 earlier) on a/c of change in assumption to consolidate ~42.7%profits from Satyam (V/s an assumption of ~51% earlier)
Maintain ACCUMULATE with a revised TP of Rs 742 (V/s Rs 550 earlier) based on 11x FY11 Consolidated FY11 EPS estimates of Rs 67.5.
--~--~---------~--~----~------------~-------~--~----~
Safe Harbor:
The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
You received this message because you are subscribed to the Google Groups "Investors Please Listen !" group.
To post to this group, send email to investorspleaselisten@googlegroups.com
To unsubscribe from this group, send email to
investorspleaselisten+unsubscribe@googlegroups.com For more options, visit this group at http://groups.google.com/group/investorspleaselisten?hl=en
-~----------~----~----~----~------~----~------~--~---
No comments:
Post a Comment