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Simplex Infrastructure Ltd - BUY - TP Rs.590 - Result Update - Kotak

Posted On: 2017-11-17 01:36:40

- Execution during Q2FY18 was lower than our estimates but strong operating margins and lower tax rate resulted in net profits coming ahead of estimates. 80IA benefits for past projects received during the quarter led to lower effective tax rate during the quarter. Company's order inflow during H1FY18 was strong and is expected to pick up further in coming quarters. Based on healthy traction in order inflows, company expects double digit revenue growth from FY19 onwards with strong margins. We tweak our estimates and arrive at a revised price target of Rs 590 based on 15x FY19 estimates (Rs 520 based on 14x FY19 estimates earlier). We revise our valuation multiple upwards to factor in expected order inflows, improved execution and margins going forward for the company. Owing to adequate upside from current levels, we upgrade the stock to BUY from ACCUMULATE earlier.

Shares of SIMPLEX INFRASTRUCTURES LTD. was last trading in BSE at Rs.504.1 as compared to the previous close of Rs. 498.45. The total number of shares traded during the day was 3766 in over 162 trades.

The stock hit an intraday high of Rs. 508.15 and intraday low of 490.3. The net turnover during the day was Rs. 1882119.


Source: Equity Bulls

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