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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 and company 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

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