Page Industries - CMP: Rs.3,485; Target Price: Rs.3,628 - Karvy

Page Industries (Page) is the market leader in branded innerwear segment in India. It caters to middle and premium segments of the men's and women's category. Page has been paying dividends with a consistent pay-out ratio of as high as 50%-60%.

We expect Page to post an EPS of Rs. 99.5 and Rs. 129.6 in FY13E and FY14E, respectively.

We initiate coverage on Page with "HOLD" recommendation with a target price of Rs. 3,628 per share - applying a 28x multiple for FY14E EPS - representing 4% upside from the CMP.

Source : Equity Bulls

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