India's J Kumar Infraprojects rises; Citi initiates coverage with 'buy'

J Kumar Infraprojects

28/08/2018 05:25

** Engineering and construction co J Kumar Infraprojects Ltd
 JKIP.NS  rises 7.1 pct to 241 rupees
    ** Brokerage Citi Research initiates coverage with "Buy"
rating and target price of 416 rupees
    ** On-time execution, a large equipment bank, little
sub-contracting and backward integration have helped JKIL
deliver industry leading EBITDA margins - Citi 
    ** Co's end-FY18 backlog of about 77 bln rupees ($1.10
bln)(3.6x sales) provides strong sales visibility - Citi 
    ** "We believe it could annually win at least 30-40 bln
rupees of orders in FY19-21E, providing plenty of orders for
execution," says Citi
    ** Twelve of 13 brokerages covering the stock rate it "buy"
or higher and 1 has "hold"; median PT 365 rupees - Thomson
Reuters Eikon
    ** Stock had fallen 24.8 pct this year as of last close
  
($1 = 70.0900 Indian rupees)

 ((Reuters Messaging:
abinaya.vijayaraghavan.thomsonreuters.com@reuters.net))