September 4, 2012 - September 6, 2012

Thejo Engineering IPO Review & Recommendations

Dilip Davda has given "Apply" recommendation to Thejo Engineering IPO. K.M. Global Financial Services Ltd recommend to "Avoid" the IPO.

Thejo Engineering IPO Review Summary from brokers and analysts

Review By	Apply	May Apply	Neutral	Avoid	Not Rated
Count	1	0	0	1	0
%	50.00	0.00	0.00	50.00	0.00

Thejo Engineering IPO Analysis By Brokers/Analysts

Reviewer	Recommendation	Past Reviews
Dilip Davda	Apply
K.M. Global Financial Services Ltd	Avoid

Thejo Engineering IPO Review by Dilip Davda (Apply)

[Dilip Davda]

On the performance front, TEL has posted an average EPS of Rs. 52.32 for the last three fiscals. For the year 2011-12 EPS stands at Rs. 76.17. The company issued 1 for 2 bonuses in 1994 and 2001. Its current equity of Rs. 1.24 crore is supported by free reserves of Rs. 28.76 crore. Even if we take fully diluted equity post IPO the issue is being made at a P/E of around 8 and below 2 P/BV. Thus the issue is low risk-high return one.

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