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Tuesday, December 20, 2011

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

Scripscan:MMTC Ltd

Story:Formerly known as Minerals & Metals Trading Corporation of India, MMTC is a leading international trading company engaged in trading of minerals, precious metals, metals, coal and hydro carbons, fertilisers and agro products. The company’s financial performance has failed to match the stock’s vertical upmove. Even as net sales rose four-fold to Rs 68686.93 crore, net profit marginally rose to Rs 112.77 crore in FY 2011 from Rs 108.29 crore in FY 2006. At the current market price of Rs 445, the stock trades at an astronomical P/E of 186 based on trialing 12-month (TTM) consolidated EPS of Rs 2.42. The average yearly dividend yield is a pathetic 0.08%, way below 1.5% of 1,800 companies.Progress on disinvestment will be the key and sole factor in determining the stock’s future performance. The recent market volatility has delayed the disinvestment of a number of PSUs that have already complied with the requirement of 50% independent directors. This means those still to become disinvestment-compliant including MMTC would have to wait for some more time. If and when MMTC’s disinvestment sees the light of the day, the price discovery will be closely watched due to the complexity of business and basis of valuation. Further softening cannot be ruled out as pricing of all the past disinvestments have been done at discount to the ruling market price to make it attractive for investors.Till then the stock will continue to languish as it has since the past three years.

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