Friday, October 8, 2010

Pfizer Q3CY1 Result Update; Downgrade earnings estimates; Maintain Hold; Target Price: Rs 1,100

Pfizer Ltd

Reco: Hold

CMP: Rs1,093

Target Price: Rs1,100

Downgrade earnings estimates; Maintain Hold

·      Pfizers Q3CY10 performance was disappointing except on sales front with a) Revenue of Rs2.4bn (in-line), b) EBIDTA of Rs523mn (est. Rs557bn) and c) APAT of Rs435mn (est. Rs478mn)

·      Lower other income, higher employee cost and one time professional fees impacted operating profitability

·      Tweak earnings by 5% each for CY10/11E. Maintain Hold

 

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