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Thursday, September 10, 2009

Bata India Ltd and Financial Technologies India Ltd:Outlook and prospect

1)Scripscan:Bata India Ltd

Story:Bata is planning to aggressively expand its retail network of 1,200 stores by 60 stores annually for the next three years. With restructuring of its retail network over the past couple of years, Bata is on a strong wicket to successfully achieve its expansion plans. During 2004-08, Bata''s revenue compounded 9% annually and EBITDA expanded by 1,600 bps to 9%. During the same period, its debt on balance sheet dropped to Rs 44.6 crore from Rs 122.1 crore . Bata is very well-placed to carry out its expansion plans with improved revenue and profitability growth rate and virtually a debt-free balance sheet. At this target price of Rs. 202, Bata will quote at a PE of 25.9x and EV/EBITDA of 13.7x 2009E financials. Consistent growth in revenue and PAT of 12% and 15% respectively during 2008-12 may result in re-rating of the stock from the current level. Any disturbance in the cordial relations between the management and their employees and relaxation of retail FDI regulations that may increase competition are the key risks to the call.A good bet at dips.

2)Scripscan:Financial Technologies India Ltd

Story:Vision, execution and ability to reinvest capital have prompted the evolution of Financial Technologies from India''s leading exchange solutions provider to Asia''s largest exchange conglomerate. The ''only'' gateway to the potential $10-trillion Indian exchanges space, FTIL has captured 87% of the commodity markets through MCX and given taut competition to equity incumbent NSE in currencies through MCX-SX. Besides pioneering niche models in power and spot, five international exchanges have been set up in potentially under-penetrated regions.In a nutshell its an asset for long term investors.Treat it like the reliance and larsens of the world and make it a part of your long term core portfolio.Hats off to Mr SHAH.

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