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Bongaigaon Refinery Value Buy
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Saturday, 28 April 2007
The Petroleum Ministry had allocated the Ravva fields from Krishna-Godavari basin to BRPL( Bongaigaon Refinery )this has helped the company enhance its production utilizing its capacity to the fullest and has helped to improve the company’s bottom-line.
Making good reason for my conviction that make this scrip a stock on the move.
The dividend yield of BRPL based on its FY06 dividend of Rs 2.7 per share works out to be 6.0%, and I expect the company will maintain its lenient pay out culture in the years to come making my conviction in the scrip a strong buy.
At the current price of Rs 45, the scrip is trading at a P/E of 4x its nine-month annualized EPS of Rs 11.13.
Looking forward in the years to come I expect profitability to improve further owing to higher refining margins
The company has in its kitty a very vast product range from petrol, diesel, LPG and kerosene, I am of the belief this will have impact on its earnings and I expect this scrip to out perform the index.
The stock seems to have bottomed out and no where to go from these levels but up and volumes are showing signs of a bullish sentiment lurking under cover.
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