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Siyaram Silk Mills Research Report - 16th Dec 2015

Miscellaneous | Published on Apr 08th 2011

IT

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.

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Accumulate

CMP 360
Target Price 414
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)1,159.49
MCAP NSE (Rs in Cr)1,152.79
P/E (x)13.48
EPS (Rs.)91.81
BV (Rs.)545.04
Div Yield (%)0.89
FV (Rs.)10.00
P/BV (x)2.27
EV/Sales (x)0.77
EV/EBITDA (x)13.72

Shareholding Pattern (%)

Promoter67.0
Public & Others20.0
Institution8.0
Corporate4.0
Foreign1.0
Grand Total100.0

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