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Note: The artciles are not research reports but assimilation of information available on public domain and it should not be treated as a research report.

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Friday, March 6, 2009

Techno Electric & Engineering Company Ltd:-A superb buy

Scripscan:Techno Electric & Engineering Company Ltd
Cmp:53
Traded in:Nse-bse

Story:The company addresses EPC in power generation, power transmission and distribution, and industrial sectors. It addresses 17–20 per cent of the total project requirements of power generation plants. For transmission systems, TEE has the capability to address about 25 per cent of a project's requirement.It has been involved in one capacity or the other in the setting up of over 50 per cent of the power generating capacity in the country (more than 50,000 MW). It has been involved in setting up/extension bays of 52 substations (of the 106 substations) of PGCI-expand.India is expected to add 60,000 MW of generation capacity in the Eleventh Plan. As TEE has the expertise to cater to 17–20% of the total spend required in power generation plants, its addressable market in the vertical is expected to grow 183 per cent in the Eleventh Plan (compared to Tenth Plan) to INR 450 bn, given the planned increase in generation capacity. PGCIL is likely to increase its transmission spend 3x in the Eleventh Plan compared to the Tenth Plan period.This increase in spend is likely to increase TEE's addressable market in the Eleventh Plan. Capacity expansion in the power generation sector in the Eleventh Plan is likely to be higher than in the Eighth, Ninth, and Tenth Five-Year Plans put together.This underscores the exciting prospects unfolding for Techno Electric.At a forecast turnover of Rs 640 crore and an estimated FY09 EPS of Rs 12, power project contractor Techno Electric & Engineers is a pure value play on the burgeoning sectoral investments. To its credit Techno Electric has marquee names like Chase International Growth Partnership, ICICI Pru and ICICI Power sector funds on board it's investment list. The corporate runs an order book in excess of Rs 900 crore,and has executed roughly 1/2 of the thermal power plants set up in India post independence.At present prices of 53 it quotes a PE of less than 5 times its 09 earnings.All said and done,A superb buy at present levels.

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