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Buy Coromandel International; target of Rs 910: Emkay Global Financial

Emkay Global Financial is bullish on Coromandel International has recommended buy rating on the stock with a target price of Rs 910 in its research report dated July 16, 2020.

July 20, 2020 / 12:29 PM IST
 
 
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Emkay Global Financial's report on Coromandel International


CRIN has increased its R&D spends by 25% in FY20. CRIN's R&D spending is mainly for new product development in the crop protection (CP) segment. Since FY19, CRIN has been accelerating R&D spends. R&D spends increased 62%/25% in FY19/20. R&D spends now account for 1.2% of CRIN's CP revenues in FY20 vs. 0.6%/0.9% in FY18/19. We believe that accelerated investments augur well for CRIN in the medium term and accelerate the pace of new product launches. CRIN aims to launch 4-5 new products in the CP segment every year which indicates the company's robust pipeline.



Outlook


We maintain Buy on CRIN with a TP of Rs910, based on 19x Jun-22E EPS.





For all recommendations report, click here


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Broker Research
first published: Jul 20, 2020 12:29 pm

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