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Buy Century Plyboards (India); target of Rs 490: ICICI Direct

ICICI Direct is bullish on Century Plyboards (India) recommended buy rating on the stock with a target price of Rs 490 in its research report dated June 12, 2021.

June 15, 2021 / 11:20 AM IST
An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

 
 
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ICICI Direct's research report on Century Plyboards (India)


Century Plyboard’s (CPIL) Q4FY21 performance was highlighted by robust growth across segments, aided by demand recovery amid a benign base. Topline was up 40.9% YoY to Rs 738.6 crore, with overall decline in FY21 at a meagre 7% YoY. MDF, plywood, laminate revenues grew 41.2%, 43%, 44.2% YoY to Rs 119.1 crore, Rs 399.2 crore, Rs 152.9 crore, respectively. EBITDA margin was up 380 bps YoY to 17.2% on account of operating leverage. Overall, reported PAT was up 115% YoY to Rs 83.2 crore, given the healthy operating performance.


Outlook


We maintain BUY rating with a revised target price of Rs 490/share (32x FY23E EPS, earlier TP Rs 355/share). Higher multiple is for superior growth trajectory ahead.


For all recommendations report, click here

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first published: Jun 15, 2021 11:20 am

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