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Siyaram Silk Mills (SSM) is one of the leading textile manufacturers in India. The company enjoys a strong brand presence across the country, with brands such as Siyaram, Mistair, J Hamstead and Oxemberg in its kitty. SSM’s yarn segment is expected to achieve 60% capacity utilisation in FY2011, compared to 41.9% in FY2009, which is further expected to improve to 80% in FY2012E. In the fabric segment, the company plans to add 286 looms (479 current looms) in a phased manner over FY2011–13. SSM will also be adding 400 machines in its readymade garment (RMG) segment by September 2011. Consequently, the company is expected to report a 17.5% CAGR in revenue over FY2011–13.We Initiate Coverage on SSM with an Accumulate recommendation and a target price of Rs414, valuing the stock at 6x FY2013E earnings.Download Full Report
|Investment Period||12 Months|
|MCAP BSE (Rs in Cr)||1,420.49|
|MCAP NSE (Rs in Cr)||1,430.71|
|Div Yield (%)||0.73|
Shareholding Pattern (%)
|Public & Others||24.0|