Cement Sector - HDFC Bank
July 17, 2014
View: The management of the Ultratech Cement believes that the demand for cement
should recover to ~8% on improvement in the economic environment. With largest cement
manufacturing company in India, we expect Ultratech to be the immediate beneficiary of
the revival in the economy. At CMP of Rs.2492; the stock is trading at 27.1xFY15E and
20.9xFY16E. The stock has witnessed sharp run in the recent past, hence we continue to
maintain a Hold on the stock with a revised target price of Rs.2512 which is
Disclaimer: This communication is being sent by the Inve stment Advisory Group of HDFC Bank Ltd., registered under SEBI (Investment Advisors) Regulations, 20 13
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have relied upon and assumed, without any independent verification, accuracy and completeness of all information available in public domain or from sources
This note contains certain assumptions and views, which HDFC Bank Ltd, Investment Advisory Group considers reasonable at this point in time, and which are
subject to change. Computations adopted in this note are indicative and are based on current market prices and general market sentiment. No representation or
warranty is given by HDFC Bank Ltd, Investment Advisory Group as to the achievement or reasonableness or completeness of any idea and/or assumptions.
This note does not purport to contain all the information that the recipient may require. Recipients should not construe any of the contents herein as advice relating to
business, financial, legal, taxation, or other matters and they are advised to consult their own business, financial, legal, taxation and other experts / advisors
concerning the company regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this note and should
understand that statements regarding future prospects may not be realized. It may be noted that investments in equity and equity-related securities involve a degree
of risk and investors should not invest any funds unless they can afford to take the risk of losing their investment. Investors are advised to undertake necessary due
diligence bef o re making an in vestme nt decisio n. Fo r makin g an in vestmen t de cision, investors m ust re ly on the ir own exam ina tio n of the Company including the risks
involved. Investors should note that income from investment in such securities, if any, may fluctuate and that each security’s price or value may rise or fall.
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information contained herein shall not form the basis of any contra ct. It is also no t meant to be or to constitute any offer for any transaction.
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