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Wednesday, August 20, 2008

Sumedha Fiscal Services:-Small is beautiful

Scripscan:Sumedha Fiscal Services Ltd
Bse code:530419
Cmp:9
Target:20
Duration:9-12 months

Story:-Sumedha Fiscal Services is a member stock broker of the NSE-Capital Market and FNO segments.At Rs 6 crore of market capitalisation,Sumedha is perhaps the cheapest broking outfit quoting on the BSE.At present, apart from its Calcutta office, the firm runs 8 other branch offices across the length and breadth of the country.Sumedha Fiscal is currently empanelled with most of the FIs, MFs, Banks and Corporate Groups which implies the scalability of business and growth in the coming years.With increased focus on arranging corporate finance, IPO management and Advisory Services, the corporate seems willing to broaden the Revenue stream.Sumedha Fiscal came onto the Dividend list last year with a 5 per cent dividend pay-out and with better business growth should raise this pay-out in this year.The company ended fy 07-08 with revenues of around 8crs but this year the same should reach to 14crs.Profit after tax is expected to escalate to 3.25crs from 1.80crs last year.At curent price of 9 its quoting at a PE of just 1.8 times its 6 months forward earnings.There seems little reason to believe that Sumedha will not be able to scale up and grow its business in the coming years and from a price of Rs 9, there would seem to be little downside but huge upsides would be there once market stabelizes and market man gets the reliking to the brokerage stocks.Not to forget the dividend yield of nearly 6%-ICING ON THE CAKE RIGHT?


Regards,
ARUN
I can be reached at:-arunanalyst@rediffmail.com

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