Page Industries Ltd - Optimism with Disconnect; Retain SELL - Emkay

Reco: SELL
CMP: Rs 4180
Target Price: Rs 4109

- Strong performance in sports wear, rising distribution, new launches and capacity expansion– Positives in AR 2013

- Gross margin reduction, higher inventory requirement, dividend payouts higher than free cash flows and debt addition – Negatives in AR 2013

- Page sees strong growth potential in Kids Wear; proposed product development for Kids Wear

- Optimistic on future growth prospects; but disconnect in cashflows stays with higher dividend payouts and debt accumulation. Maintain Sell with PT of Rs 4109.

Source : Equity Bulls

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