Asahi India Glass: Hold

Investors with a two-three year perspective can retain their exposure in Asahi India Glass. At the current market price of Rs 109, the stock trades at around 36 times its trailing 12 months earnings.

Though the valuations appear stiff, it should be seen in the light of the company’s sedate performance over the last few quarters due to higher input and fixed costs.

But the company’s leadership position in the automotive glass segment, capacity-additions over the last few years and entry into value-added segments such as architectural processed glass, indicate that earnings can scale up significantly over two-three years.

Fresh investments can be considered on signs of higher traction in earnings.

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600450 Asahi India Glass: Hold
Date: 17 October 2007

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