Buy call for Aban Offshore

Buy Aban Offshore with a target price of Rs 5330. Aban offshore?s Q1FY09 excellent performance was overshadowed by the negative surprises in the FY2008 consolidated numbers. The FY2008 preexceptional consolidated net profit after minority interest Rs 3.8 billion was 17% lower than our expectation (Rs 4.5 billion). The reported net profit of Rs 1.2 billion includes Rs 1.9 billion of exchange differences on reinstatement of foreign currency debt and Rs600mn impairment of assets.