Dolat Capital is bullish on KEC International has recommended buy rating on the stock with a target price of Rs 350 in its research report dated May 09, 2019.
Dolat Capital's research report on KEC International
Q4 was lower than expectations due to execution headwinds. Revenue and order inflow guidance continue to be strong in FY20, while the order pipeline in FY20 is promising with the T&D and rail having a visibility of Rs250bn worth of orders. T&D, railways and civil projects will drive earnings growth of 19% over FY19-21E.
Outlook
Post the Q4 miss, we reduce our Revenue/ EBITDA/PAT by 3%/3%/5% for FY20 yet considering strong revenue and order inflow guidance and solid return ratio profile, we maintain Buy for the stock, with TP of ` 350 (P/E-12x FY21E).
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