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KEI Industries Ltd Research Report - 30th Dec 2016

Miscellaneous | Published on Dec 30th 2016

IT

KEI Industries (KEI) is a cable manufacturing company and also engaged in Engineering, Procurement and Construction (EPC) business. It offers high and low tension cables, control and instrumentation cables, house wires, stainless steel wires, and high-technology specialty cables. Its manufacturing facilities are located at Bhiwadi, Chopanki & Silvassa. Through export KEI is present in over 45 countries across the globe. We expect KEI to report net revenue CAGR of ~13% to ~Rs3,335cr over FY2016-19E mainly due to (a) higher order book execution in EPC segment (b) growth in EHV business and (c) higher B2C sales and (d) higher exports. On the bottom-line front, we expect a CAGR of ~24% to Rs118cr over the same period on the back strong revenue and lower interest cost. At the CMP of Rs124, the stock trades at 8.1x its FY2019E EPS of Rs15.3. We initiate coverage on the stock with a Buy recommendation and target price of Rs153 based on 10x FY2019E EPS, indicating an upside of ~23% from the current levels.

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Sell

CMP 124
Target Price 153
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)Array
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Shareholding Pattern (%)

Promoter47.0
Public & Others30.0
Institution19.0
Foreign4.0
Corporate0.0
Grand Total100.0

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