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Maruti Suzuki (MSIL)
Automobiles
Stock offers an attractive entry point. We believe the stock offers an attractive entry
point given cheap valuations (12.7X PE on FY2012E EPS) and strong earnings growth
outlook (17% yoy in FY2012E). 3QFY11 results were 4% ahead of our estimates driven
by cost-cutting initiatives. We maintain our BUY rating but cut target price to Rs1,460
(from Rs1,701) due to (1) 2-6% cut in earnings over FY2011-2013E and (2) cut in target
multiple to 15X (from 17X earlier) on FY2012E EPS.
Visit http://indiaer.blogspot.com/ for complete details �� ��
Maruti Suzuki (MSIL)
Automobiles
Stock offers an attractive entry point. We believe the stock offers an attractive entry
point given cheap valuations (12.7X PE on FY2012E EPS) and strong earnings growth
outlook (17% yoy in FY2012E). 3QFY11 results were 4% ahead of our estimates driven
by cost-cutting initiatives. We maintain our BUY rating but cut target price to Rs1,460
(from Rs1,701) due to (1) 2-6% cut in earnings over FY2011-2013E and (2) cut in target
multiple to 15X (from 17X earlier) on FY2012E EPS.