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Thread: IT Sector Revisited

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#8 (permalink)

9th April 2008, 01:00 PM

pkapadia

Join Date: Aug 2007

Location: Pune, India

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Posts: 121

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IT Sector - OVERWEIGHT relative to markets

An interesting recent report from ABN Amro.

We expect muted volume growth in 4Q 08 even as the sharp INR fall
helps margins. Looking forward, even a conservative 16-17% FY09
EPS growth guidance from Infosys should allay concerns about the
'worst-case' demand outlook and revive interest in the sector.

Key recommendations & forecasts

(Prices at close of business 2 April 2008)

Stock	Year End	Recom	Price	Target	EPS 1fcst	PE 1fcst
Tata Consultcy¹	Mar 2008	Buy	Rs 850.85	Rs1230.00	51.78	16.4
Infosys Tech¹	Mar 2008	Buy	Rs1481.95	Rs2150.00	79.60	18.6
Wipro¹	Mar 2008	Buy	Rs 414.40	Rs 550.00	21.94	18.9
Satyam Computer¹	Mar 2008	Buy	Rs 407.25	Rs 540.00	25.20	16.2
HCL Tech¹	Jun 2008	Buy	Rs 246.75	Rs 340.00	17.52	14.1
Tech Mahindra¹*	Mar 2008	Hold	Rs 725.25	Rs1520.00	59.14	.12.3
Patni Computer¹	Dec 2008	Hold	Rs 233.50	Rs 275.00	23.72	9.8
NIIT Tech¹*	Mar 2008	Buy	Rs 105.40	Rs 423.00	23.10	4.6
KPIT Cummins¹*	Mar 2008	Hold	Rs. 76.55	Rs 140.00	7.68	10.0
HCL Infosystems¹	Jun 2008	Buy	Rs 159.95	Rs 266.00	18.78	8.5
NIIT Ltd¹*	Mar 2008	Sell	Rs. 93.80	Rs 131.00	5.09	18.4

1 - Normalised EPS - Post-goodwill amortisation and pre-exceptional items
* - Ratings and estimates are under review
Source: Company data, ABN AMRO forecasts (3 April 2008)

Paresh

Last edited by admin; 10th April 2008 at 01:32 AM.

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