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【出版时间及名称】：2010年3月印度金属与矿产行业研究报告
【作者】：摩根斯坦利
【文件格式】：pdf
【页数】：34
【目录或简介】：
Remain In-line on the sector; Top Pick Sterlite, Upgrade Hindalco to EW
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Top Picks in Nonferrous Metals & Mining: Sterlite Industries Ltd, Sesa Goa
We still expect a healthy but range-bound trend in base metals prices in C2010. We have slightly adjusted our price assumptions for aluminium by -1%/ +3%/+2% for F10E/ F11E/ F12E in line with our global team’s forecasts.
We remain Overweight Sterlite and raise our price target to Rs1,179 from Rs1,091. We raise our 2010-2012e earnings by 2-6%
•It offers strong, multi-faceted volume growth and solid cost reduction potential.
• We expect it to post strong EBITDA growth supported by volume gains and cost reductions.
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It comes closer to step-up volume growth in zinc, power and aluminium
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Negative news flow on the stock should subside over the next quarter.
We upgrade Hindalco from UW to Equal-weight and raise our PT to Rs186 from Rs137. We revise our 2010-2012e EPS by -6% to 17%
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Clarity on Hindalco’s greenfield projects is now improving.
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Novelis benefits from a macro recovery
We remain UW on National Aluminium (Nalco), primarily on valuation
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