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Monday, August 8, 2011

Syncom Healthcare Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Syncom Healthcare Ltd

Story:Catering primarily to the domestic market, Syncom manufactures and markets pharmaceutical formulation under its own brand name in four product segments — generics, OTC (over the counter), ethical and herbal. The company also undertakes contract manufacturing for various pharmaceutical formulations, neutraceutical products, food supplements and cosmetics for domestic companies such as Lupin and Piramal Healthcare. Further,it added other companies such as Wockhardt, Klar Sehen and Canixa Sciences to its existing list of contract manufacturing companies.Though the growth undercurrents in the domestic formulation business are getting stronger, the presence and increasing focus of bigger players on the domestic market may make it doubly challenging for Syncom to chart its growth path; the bigger players cater to a chunk of the market already. The rest of the market is characterised by many small and unorganised players.The company's presence in a highly competitive market and it's relatively low experience in manufacturing operations necessitate a cautious outlook.High dependence on a handful of clients and little bargaining power also appear to have strained the company's cash flow.It ended fy11 with sales of 75crs and NP of 2.6crs.With a huge equity base of 40crs the same gives its a PE of over 22 times.Given the small scale of operations' its financial numbers also don't seem to be very credible for a retail investor to park funds with a long-term view.Investors having it should exit at rallies.

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