Buy KEC Internationals; target of Rs 437: Cholamandalam Securities
Cholamandalam Securities’ research report on KEC International
KEC International (KEC), the flagship company of the RPG (Harsh Goenka) group, is a leading EPC player in T&D (Transmission & distribution) Space. KEC has over six decades of experience with presence across 50 countries globally and strong execution capabilities. KEC, the global leader in Power Transmission EPC has also ventured into Power Systems, Cables, Telecom, Railways and Water. KEC has 7 manufacturing facilities spread across India, Brazil & Mexico.
Good traction in Railways & Solar segment and healthy T&D order pipeline from select SEB’s to aid company post healthy revenues. At the current market price KEC is trading at a P/E of 12.5X its FY20E. We assign a P/E of 17X to its FY20 EPS to arrive at a target price of INR 437 and rate the stock a BUY.
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