SUN PHARMA - RESULTS BELOW PAR

Angel Broking has maintained its buy rating on Sun Pharma with price target of Rs 1273 in its February 02, 2009 report. "Sun Pharma’s 3QFY2009 numbers were below our expectations. The company posted Net Sales of Rs 918.3 crore, registering a yoy growth of 14.2%. For 3QFY2009, Net Profit came in at Rs 408.6 crore, up 28.4% yoy mainly driven by OPM expansion but was below our estimate of Rs 450 crore on account of lower contribution from Protonix. On the valuation front, at Rs 1,047, the stock is trading at 12.4x FY2009E and 14.8x FY2010E Earnings. We maintain a Buy on the stock, with a target price of Rs 1,273," says Angel Broking's research report.

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