“We believe that that future growth of the Organised Retailing Sector in India would be led by Value Retailing, cascading effects of which would be witnessed in the Lifestyle and Home Retailing Segments as well albeit with a lag effect. PRIL continues to be our Top-pick in the Indian Retail Sector on account of being the largest Retail player in India and having presence across most product categories and price points. We are positive on PRIL as it has been able to sustain its 9MFY2009 yoy growth at a healthy 30% on a standalone basis and 34% on a consolidated basis, despite the sluggish economic scenario.”
We have valued PRIL’s stake in FCH, HSRIL and Future Bazaar at Rs 33, Rs 13 and Rs 20, respectively. We maintain a Buy on the stock, with a SOTP Target Price of Rs 239, translating into an upside of 29% from current levels,” says Angel Broking’s research report.
Related posts: