Indian Macro under Pressure - Capital Goods Downgraded
Monday, July 07, 2008
The Indian Macro is slowly cracking due to rising crude oil, inflation and interest rates. One of the first sectors to feel the pinch is "Capital Goods". Brokerage Houses have downgraded the earnings estimates and target prices of all the stocks. We are presenting the same here. BEML, Crompton and Thermax have been downgraded to Neutral from Outperformer rating. Cummins has been downgraded to Underperformer.
Revised FY09 EPS[e] and Earnings Target are as follows.
ABB - Rs 29 and Rs 1,000
BEML - Rs 55 and Rs 785
BHEL - Rs 59 and Rs 1,800
Cummins - Rs 14 and Rs 202
L&T - Rs 73 and Rs 2,700
Punj Lloyd - Rs 10.8 and Rs 300
Siemens - Rs 21.3 and Rs 432
Thermax - Rs 25 and Rs 425
Voltas- Rs 6.8 and Rs 158
However, post Q1FY-09 results we will have clear visibility if the management guides correctly :-)
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