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Buy Action Construction Equipment; target of Rs 230: ICICI Direct

ICICI Direct is bullish on Action Construction Equipment has recommended buy rating on the stock with a target price of Rs 230 in its research report dated May 25, 2022.

May 26, 2022 / 08:10 AM IST

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

 
 
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ICICI Direct's research report on Action Construction Equipment


Action Construction Equipment (ACE) is an Indian construction equipment and material handling company. ACE has eight manufacturing and one R&D site in Faridabad, Haryana • The company has a capacity of 12000 construction equipment and 9000 tractors annually • ACE’s product portfolio is divided into four main categories viz. agricultural equipment, construction equipment, road construction equipment and earth-moving machinery.



Outlook


We continue to remain positive and retain our BUY rating on the stock. We value ACE at Rs 230 i.e. 17x PE (FY24E).

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first published: May 26, 2022 08:10 am
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