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Thursday, October 29, 2009

Tourism Finance Corporation of India Ltd:Buy/hold/sell,future growth outlook and prospects

Scripscan:Tourism Finance Corporation of India Ltd

Story:The Company's principal activity is to cater to the financial needs of tourism industry. It provides consultancy and advisory services to the tourism industry in general and to the investors in tourism industry in particular. The Company offers services which covers project-related services, tourism-related studies/services, government sector, private sector other activities and programmes. Fiscal 2009 turned out to be a lacklustre year for hotel and tourism industry. The global financial meltdown and militant attacks back home in the second half (26/11) hampered tourist arrivals in the country, thereby affecting the overall industry growth during the year. Moreover, the recent RBI directive notifies that funding hotel projects should be taken out of the real estate exposure for banks to those entrepreneurs who themselves run these ventures. This new incentive would enable these entrepreneurs to avail credit at lower interest rates from banks, thereby increasing competition for TFCI from commercial banks.However, Despite certain near-term challenges for growth, in view of the current industry scenario and the recent developments, we believe the medium to long-term outlook for the industry continues to remain positive. We are fine-tuning our estimates to factor in the details from the annual report. At the current market price of Rs 20,Tourism Finance Corporation of India (TFCI) trades at 5.9x its FY2010E adjusted EPS of Rs 3.6 and 0.5x its FY2010E book value of Rs 38.2. We maintain our 'Buy' recommendation on the stock with a price target of Rs 30.

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