报告名称：IL&FS Transport (ILFT IN)Execution on track; A value BUY
报告类型：海外市场
报告日期：2015-08-11
研究机构：金英证券
页数：11
简介：Maintain BUY and DCF-based INR269 TP. Stock is cheap,trading at 0.6x P/BV FY16F. Catalysts from fund raisingthrough sale of operational roads and/or securitization ofannuity projects.
1Q adjusted revenue/EBITDA growth of 17%/25% YoY was inline. However, EPS missed our estimate due to high interestexpense (low interest capitalization rate).
We cut our FY16/17F EPS as we adjust to revised interestcapitalization rate. No change in cash-flow assumptions as italready accounts for full interest payment.
下载地址：IL&FS Transport (ILFT IN)Execution on track; A value BUY
