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Monday, May 10, 2010

Stock to be bought on all declines for 10th MAY : ABC BEARINGS (BUY on DIPS)

ABC Bearings (BUY) 112 - 116 (Target1) 119 (Target2) 124 / 128 (SL) 102
ABC Bearings has done exceeding well in Q4FY10 as sales went up to Rs.51 cr. from Rs.26.56 cr. in Q4FY09 while net profit jumped to Rs.6.55 cr. from Rs.0.88 lakh in Q4FY09. Full year sales were around Rs.160 cr. with net profit at Rs.20.53 cr. giving an attractive EPS of Rs.17.77. The company has stepped up the dividend to 45% from 20%, which is in line with our expectation as mentioned two weeks back.

The stock is trading at a low P/E of 6.6 compared to its peers, NRB and SKF Bearings, which are trading at a P/E multiple of around 24. Thus the stock has a good upside. Investors can safely accumulate this stock for target price of Rs.175.

For more JOIN SOKHI PAID. Rush ur mails to sokhitrading@gmail.com

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All the advises,calls,tips and predictions are neither an offer nor a solicitation to purchase or sell securities.The information and views given by writer is believed to be reliable but no responsibility (liability) is accepted for error of facts and opinion.Writer may be trading in or having positions in stock markets.