Friday, April 25, 2014


Sarin: Phillip Capital initiates coverage with an Accumulate call and $3.20 TP. Key merit points are a near monopolistic position in diamond planning and manufacturing equipment with superior proprietary technologyHigher installed base of Galaxy family of equipment driving recurring income growth The house sees tremendous further growth potential in bull case of breaking into new segment of the diamond value chain. Overall, initiate coverage with an "Accumulate" rating based on DCF valuation (WACC: 10.3%) with a TP of $3.20.

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