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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
cmp:20
Code:526650

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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Posted by Arun Mukherjee at 7:38 AM

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This blog does not share personal information with third parties nor do we store any information about your visit to this blog other than to analyze and optimize your content and reading experience through the use of cookies.You can turn off the use of cookies at anytime by changing your specific browser settings.This privacy policy is subject to change without notice and was last updated on 20.3.2013. If you have any questions, feel free to contact me directly here: arunsharemarket@gmail.com Investment in equity shares has its own risks.Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that I consider reliable. I,however,do not vouch for the accuracy or the completeness thereof.This material is for personal information and am not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.The stock price projections shown are not necessarily indicative of future price performance.The information herein, together with all estimates and forecasts, can change without notice.
 
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