Buy Pidilite Industries, target of Rs 195: SKP Securities

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SKP Securities has recommended a buy rating on Pidilite Industries with 18 months price target of Rs 195 in its September 27, 2008 research report. "At the current level of Rs 135, Pidilite is trading at the P/E of 15.48x, 12.02x and 10.14x of FY09E, FY10E and FY11E earnings of Rs 9, Rs 11 and Rs 13 respectively. Considering the strong brand value and steady growth we initiate coverage on Pidilite with 18 months price target of Rs 195 (44% upside) which discounts FY11E earnings by 15x, Buy," says SKP Securities' research report.

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