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June 27, 2014
NIRMAL BANG UPDATE ON VAIBHAV GLOBAL
Attended Analyst Meet of Vaibhav Global.
Q1 result will be impacted on account of lower volume and higher
carriage cost of channel. volume is lower on account of company has
outsourced Call center during the quarter and transition impacted volume
inventory level at studio level reduced sharply in Q4. Both the things
has corrected and Q2 will show normal growth. Higher carriage cost is
for increasing the channel reach which is more of an Investment. We feel
lower volume in Q1 will be made up in next 3 qtr and maintain of EPS
expectation of Rs.45 for FY15 and Rs.58 for FY16. We recommend to Hold the stock and Buy on decline with Target price of Rs.925.
From NB desk I personally would avoid the stock have no holding although the stock has given multifold returns