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Note: The artciles are not research reports but assimilation of information available on public domain and it should not be treated as a research report.

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Monday, January 4, 2010

Jindal Saw Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Jindal Saw Ltd
Code: 500378
cmp:188

Story:The prospects of the company look bright. Its capacity is expected to grow by close to 30% to around 2 million tonnes over the next 2-3 years. Its diversified product portfolio — SAW (sub-merged arc welded) pipes and DI (ductile iron) pipes — helps in mitigating the demand risk arising out of a particular industry.Its operating margin at 14-15% is comparable to its industry peers. However, the company lacks raw material integration and is at a disadvantageous position compared to integrated players such as WGSL. Jindal Saw has an order book of US$750m, which gives decent revenue visibility. It added new orders of ~US$230m in 3Q CY09. The outstanding order book is skewed towards SAW pipes (70%) and DI pipes (28%).I believe the demand outlook for SAW pipes is very strong and that JSAW will be able to get new orders to improve its order book position.It’s one of those metal pipes stocks, which has gained appreciably of late. Though, earlier it was trading at a discount to its peers due to falling order book and higher exposure to overseas market. The improvement in outlook of different economies and addition of Rs 1,100 crore to order book in this month pushed the stock up. Considering the current economy recovery, it looks likely that there will be more demand for oil/gas and hence for the company’s products. Investors are advised to buy the stock for long term perspective.

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