Higher ore prices make marginal mining capacity economically viable, says Nomura, which expects a 21 percent earnings growth in FY22 and 18 percent in FY23.
Source: AFP
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AIA Engineering share price was up more than 3 percent intraday on March 4 after brokerage house Nomura upgraded the stock to buy.
The Japanese research firm has upgraded the stock to buy with a target of Rs 2,230 per share. It is of the view that freight rates have started to moderate, adding that the high raw material prices can be passed through. The company’s superior offerings can help entry into mines, a CNBC-TV18 report said.
“Higher ore/commodity prices make marginal mining capacity economically viable. We expect strong 21 percent earnings growth in FY22 and 18 percent in FY23,” the research firm added.
The stock was trading at Rs 1,885.35, up Rs 49.40, or 2.69 percent at 0952 hours. It touched an intraday high of Rs 1,964 and an intraday low of Rs 1,850.
AIA Engineering reported a 0.66 percent growth in total revenues for the December 2020 quarter on consolidated basis at Rs 698.65 crore. Its consolidated profit after tax for the December 2020 quarter was up 2.2 percent at Rs 159.8 crore.
Domestic brokerage firm JM Financial upgraded the stock to “buy” with a revised target of Rs 2,300. It values the stock at 25x FY23E EPS (in-line with five-year median multiple) and forecasts earnings sales/EPS CAGR of 13 percent/15 percent over FY20-23.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has low debt with zero promoter pledge. The company is efficient in managing assets to generate profits – ROA improving since last two years.
Moneycontrol’s technical rating of the stock is neutral, with moving averages being bullish and technical indicators neutral.
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