Maintain Buy on Astral Poly Technik - BRICS Research

Astral Poly Technik (CMP Rs135, BUY)

Passing forex cloud

- We estimate every 1% rupee-dollar movement impacts Astral's FY12 EPS by Rs0.4 due to its forex liabilities

- Model a Rs165mn forex loss for FY12 (assuming Rs51/US$)

- Maintain volume growth estimates, but lower FY12, FY13 operating margin by 50 bps and 40 bps to 12.1% and 12.5%

- FY12, FY13 EPS estimates fall 33% and 4%

- Reduce target price multiple by 20% to 8x. New target price of Rs192 per share implies 48% upside. Maintain Buy.

The Astral Poly Technik stock closed the day at Rs.132.55, down by Rs.3.05 or 2.25%. The stock hit an intraday high of Rs.139.50 and low of Rs.131.45.

The total traded quantity was 2355 compared to 2 week average of 16158.

Source : Equity Bulls

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