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Top picks from Sharekhan

August 6, 2007

Sharekhan Research has released a list of top stock picks. However, we are not comfortable with the entire list and here the ones which we recommend from it.

HCL Technologies:
At the current market price the stock trades at 14.3x FY2008 and 12.5x FY2009 estimated earnings (which is around 33% discount to valuation of Infosys). Target Price Rs 396.

Bharti Airtel Ltd:
At the current market price the stock trades attractively at 26.0x FY2008 and 20.6x FY2009 earning estimates. Target Price Rs 1,100.

HDFC Bank:
At the current market price the stock is quoting at 20.9x FY2009E earnings per share, 8x FY2009E pre-provision profits and 3.1x FY2009E book value. Buy with a price target of Rs 1,355.

ITC:
At the current market price the stock trades at 21.2x FY2008 and 17.5x FY2009 estimated earnings. Target Price Rs 200.

JP Associates:
The company is the largest private sector hydropower player and is currently sitting on a huge construction order book of Rs7,200 crore. Taking cognisance of the governmentÂ’s target of achieving 50,000MW in hydropower electricity by 2012. Target Price Rs 1,061

Maruti Suzuki Udyog:
At current levels, the stock is trading at 11.5x its FY2009E and is available at an EV/EBIDTA of 6.8x. Buy with a price target of Rs 921.

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