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【出版时间及名称】：2009年12月印度建筑行业研究报告
【作者】：ANAND RATHI
【文件格式】：PDF
【页数】：150
【目录或简介】：
India Construction Sector
Order, order, order! Time for a scale change
Investment Argument and Valuation.......................................................3
Infra spend – Sustained impetus ............................................................6
Infra spending spree...........................................................................6
Private sector investment to play a major role....................................7
Resilient infra lending .........................................................................7
Order inflows likely to revive from 2HFY10.........................................8
Power, roads orders at the forefront .....................................................10
Power: Orders of Rs0.5trn in the next 15 months.............................10
Roads: Vast opportunity for construction companies........................12
Irrigation and water projects .............................................................17
Railway infrastructure to reduce freight cost.....................................18
Investment in urban infra..................................................................19
Real estate – demand revival ...........................................................20
Good earnings growth ..........................................................................21
Revenue growth to pick up in FY11..................................................21
EBITDA margins to be less volatile ..................................................22
Interest burden to ease.....................................................................22
Equity dilutions to suppress EPS growth in FY10.............................23
Leaner balance sheets .........................................................................24
Access to capital, crucial to growth...................................................24
The RBI's recent stance largely directional.......................................24
Equity market revival ........................................................................24
Balance sheet in much better shape ................................................25
Company Section .................................................................................27
Jaiprakash Associates......................................................................28
IVRCL Infra.......................................................................................54
Nagarjuna Constructions ..................................................................73
Era Infra Engrneering .......................................................................91
Hindustan Construction Company..................................................107
Simplex Infrastructure.....................................................................125
Annexures...........................................................................................142
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