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Buy Century Plyboards (India); target of Rs 695: ICICI Direct

ICICI Direct is bullish on Century Plyboards (India) recommended buy rating on the stock with a target price of Rs 695 in its research report dated November 13, 2022.

November 22, 2022 / 07:54 PM IST
 
 
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ICICI Direct's research report on Century Plyboards (India)

Century Plyboards is India’s leading plywood manufacturer with a market share of ~25% in the country’s organised segment of plywood sector. It derives majority of revenues from plywood (53% of FY22 revenue), followed by Laminates (19%), and MDF (18.5%) segments while balance is contributed by fibre cement boards and particle board divisions along with container freight division.

Outlook

We maintain BUY as it continues to report industry leading growth and net cash balance sheet with internal accruals fuelling the expansion. We value Century at Rs 695/share.