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Thursday, November 12, 2009

Century Textiles & Industries Ltd:Buy/sell/hold,future growth prospects and recomendation,results and analysis

Scripscan:Century Textiles & Industries Ltd

Story:Century Textiles and Industries Limited engages in the manufacture and marketing of textile products in India and internationally. The company operates in four segments: Textiles, Pulp and Paper, Cement, and Others. The Textiles segment manufactures cotton yarn, denim fabrics, and viscose filament yarn. It also provides various apparel products, including shirts, kurtas, pyjama, t-shirts, trousers, shorts, nightwears, socks, ties, sweaters, pullovers, jackets, belts, and wallets, as well as bed linen and home furnishings. This segment offers its ready to wear products under Cottons by Century brand name. In addition, it offers caustic soda, sulphuric acid, carbon-di-sulphide, liquid chlorine, hydrochloric acid, and compressed hydrogen M3 chemicals. The Pulp and Paper segment provides pulp, writing and printing paper, and tissue paper. The Cement segment engages in the production of cement. The Other segment engages in the salt works, chemicals, and floriculture business. Century Textiles and Industries was incorporated in 1897 and is based in Mumbai, India.Century Textiles delivered an impressive performance in Q2’10 with revenue appreciating 18.6% yoy to Rs 10.1 billion. Furthermore, the EBITDA increased by a whopping 129.3% yoy to Rs 2.3 billion. The Cement segment has propelled growth in both revenues and profits of the Company. Although the pulp and paper segment and the textiles segment dragged the Company’s profitability in this quarter, we expect an improvement in both these segments. We expect the demand for cement improve on the back of recovery in real estate sector. Furthermore, Century is geared up for the growth opportunities in the textiles through opening a new state-of-the-art mill. Moreover, we expect a steady progress in its real estate projects, which will generate strong cash flows in next 2-3 years. Our DCF valuation, assuming a 15.1% of WACC and a 5.0% of terminal growth rate, gives a target price (TP) of Rs 553, an upside of 20% over the CMP of Rs 460.Hence, we upgrade our rating on the stock to Buy.

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