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Buy Gokaldas Exports; target of Rs 480: ICICI Direct

ICICI Direct is bullish on Gokaldas Exports recommended buy rating on the stock with a target price of Rs 480 in its research report dated January 24, 2022.

January 31, 2022 / 12:31 PM IST
 
 
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ICICI Direct's research report on Gokaldas Exports


Gokaldas Exports (GEL) is one of India’s leading apparel exporters with an annual capacity of 30 million+ pieces. Gokaldas focuses on manufacturing complex garmenting products that insulate it from other price based competition. Impressive clientele of leading international brands with ‘GAP’ and ‘H&M’ being the major contributor to revenues. US contributes ~65% of sales • Under the leadership of the new MD (post exit of Blackstone in FY18), Gokaldas has scripted a successful turnaround of its business operations.


Outlook


We like GEL as a structural long term story to play the apparel export space. We maintain BUY recommendation on the stock. We value GEL at Rs 480 i.e. 20x FY24E EPS.

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At 17:30 Gokaldas Exports was quoting at Rs 396.85, up Rs 5.60, or 1.43 percent.

It has touched an intraday high of Rs 408.35 and an intraday low of Rs 392.00.

It was trading with volumes of 44,386 shares, compared to its thirty day average of 60,951 shares, a decrease of -27.18 percent.

In the previous trading session, the share closed up 2.52 percent or Rs 9.60 at Rs 391.25.

The share touched its 52-week high Rs 417.55 and 52-week low Rs 73.05 on 27 January, 2022 and 19 April, 2021, respectively.

Currently, it is trading 4.96 percent below its 52-week high and 443.26 percent above its 52-week low.

Market capitalisation stands at Rs 2,340.12 crore.

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first published: Jan 31, 2022 12:31 pm
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