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Saturday, November 7, 2009

Lloyd Electric & Engineering Ltd:Analysis/target price/recomendation/outlook/buy/sell/hold

Scripscan:Lloyd Electric & Engineering Ltd
cmp:50
Code:517518

Story:LLOYD ELECTRIC & ENGINEERING LIMITED manufactures heat exchanger coils for air-conditioning and refrigeration applications in India. It also offers ‘U’ bend and return bend for heat exchanger coils, system tubing, header line for air-conditioner equipment, and sheet metal items for air-conditioner systems. The company serves original equipment manufacturers. LLOYD ELECTRIC & ENGINEERING LIMITED was incorporated in 1988 and is based in New Delhi, India.Lloyd is the largest manufacturer of AC coils in India and also manufactures completely built units of ACs on a contract basis. Most of the AC manufacturers in India feature in the client list of Lloyd. The penetration of ACs is very low in India, at approximately 1.5 - 2%, compared to approximately 20% in developed countries, which will continue to drive the Sales of ACs in India. Further, during FY2009, the company has acquired a plant in Czechoslovakia, from Luvata, which would give Lloyd a foothold in Europe and add to its top-line and bottom-line. At the CMP, the stock trades at 3.3x its FY2011E EPS of Rs 15. The company enjoys excellent positioning in the AC market in India and, we believe, that the stock has a limited downside from its current level. In light of the changed business dynamics and consequently revised estimates, we upgrade our recommendation from neutral to buy, with a target price of Rs76.
Posted by arun at 4:22 AM
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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.