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P-Sec: Sell Acc, Target Of Rs 816

Shalini Kakkad 24 July 2007

Broking house ACC Cement , P-Sec is bearish on ACC and has recommended sell rating on the stock with a target of Rs 816.

P-Sec report on ACC:

ACC reported 19% yoy increase in operating profits. PBIT before exceptional was higher due interest income. Higher tax rate is due to adjustment is a one off and tax rate is also expected to settle down to 27%.

Stock trades at PE 16x CY08E and EV/EBITDA of 9.7x CY08E that makes it an expensive scrip.

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