Buy Vinati Organics; target of Rs 960: HDFC Securities
HDFC Securities is bullish on Vinati Organics has recommended buy rating on the stock with a target price of Rs 960 in its research report dated May 15, 2017.
HDFC Securities' research report on Vinati Organics
Vinati Organics (VOL) reported strong growth in revenues at Rs 2.0bn (+26% YoY) in 4QFY17, mainly led by a substantial contribution from products launched in FY17 (15% of revenues).
VOL remains one of our preferred picks, based on (1) Confidence in its new product launches, (2) Traction in ATBS demand, (3) High pricing power, given VOL’s niche position and product selection, (4) Strong margins and return ratios (RoE/RoIC of 20%+), and (5) A healthy B/S (net cash). Maintain BUY with an increased TP of Rs 960 (25x FY19E EPS).
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