Garware Offshore Report by India Infoline

India Infoline has recommended buy rating on Garware
Offshore with a target of Rs 318, an upside of 31.5%,
as per their report on November 30, 2007. "Garware
Offshore Services, GOSL is adding four vessels to its
fleet in CY08 and one in CY09. The full year benefit
of the vessels to be delivered in 2008, would reflect
in CY09 financials. We expect GOSL to register a CAGR
of 57.6% in revenues and 64% in PAT during CY06-CY09.
The stock at CMP of Rs 242 is available at 8.4x CY09
earnings. With long term contracts tied up for most of
the vessels, we believe there exists high degree of
visibility for future revenue growth. At 11x CY09E
earnings of Rs 28.9, the target price works out to Rs
318, an upside of 31.5%. We recommend a BUY."
according to India Infoline research report.