Brokerage house Prabhudas Lilladher is bullish on Wabco India and has recommended 'Accumulate' rating on the stock with a target price of Rs 3802 in its research report dated October 20, 2014.
"Wabco's (WIL's) Q2FY15 results were below our estimates on account of lowerthan- expected gross margins. Top-line grew by 18.5% YoY to Rs 3.2bn (PLe: Rs3.4bn), mainly led by strong traction in the OEM segment (grew 50% YoY). Gross margins declined by 60bps YoY on account of higher raw material cost (pertaining to new product launches). We continue to maintain our positive stance on the company as it is well positioned to leverage the rising content per vehicle in the domestic MHCV market. WIL is likely to be the key beneficiary of recovery in M&HCV volumes, entry of global players in the Indian Market and implementation of safety norms by the Government for M&HCV. We reiterate our 'Accumulate' call on the stock with a target price of Rs 3,802. However, we expect the stock to underperform in the near term, given that it is already trading at 30.7x FY16E earnings", says Prabhudas Lilladher research report.
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