Dolat Capital is bullish on Triveni Turbine and has recommended accumulate rating on the stock with a target of Rs 98 in its July 15, 2014 research report.
"Triveni Turbine (TTL) annual report for FY14 paints a promising picture for FY15E. It expects the company to be back on growth path after a challenging FY14. Key updates of FY14 and the road ahead for the company is stated in our annual report analysis below. We maintain our positive view on the company as we believe it to be the key beneficiary of revival in capex cycle. Recommend ACCUMULATE on the stock with a target price of Rs98 per share."
"The domestic market for up to 30 MW, after remaining flat for the past two years, showed a marginal growth of 5% in FY14 over the previous year. Triveni continued its dominant market share in sub 30 MW range domestically and improved it from 58% in FY13 to 63% in FY14. Sugar co-generation, process co-generation (PCG) and metals were the major contributors to demand growth, with the demand for PCG coming mainly from Food, Paper and Pharmaceuticals Industries."
"TTL expects the domestic capital goods sector to witness enhanced order finalisation from H2FY15 onwards. In the international markets, investments are likely to pick up in Biomass IPP as well as conversion of coal based power plants into biomass based ones. With banning of landfills, alternate disposal of civic waste would facilitate investments in wastebased power generation either through direct incineration or gasification. Latin America, Africa and parts of Europe continue to be big potential markets for such opportunities. In order to augment our aftermarket business, TTL is in process of evaluating options to establish service centres internationally. With the increase in higher MW turbines installed and entry into the utility segment for refurbishment, business from spares & servicing should increase considerably going forward. The decline in turnover impacted margins in FY14. Strong order book as at FY14 end (standalone Rs 5.8 bn & consolidated Rs7.1 bn) and expected increase in order inflows, should result in good growth in bottomline as well in FY15E," says Dolat Capital research report.
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